They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
Yes, you qualify for the widow exemption on your taxes.
No. Owner occupied means the owner of the property lives in it, meaning it is not rented. Primary residence means the home where you live most of the time. It can be rented or owned.
To claim the home improvement loan interest deduction on your taxes, you must meet the following criteria: the loan must be used to make improvements to your primary or secondary residence, the loan must be secured by your home, and the improvements must add value to the property.
If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê
simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.
Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.
Paying property taxes on a home in a district does not automatically qualify you for residency. Residency requirements typically involve factors such as the amount of time spent living in a location and intentions to make it a permanent residence. Property ownership is just one component of establishing residency.
Yes. The designation as primary residence is irrelevant to the number of mortgages.
In Michigan if there is delinquent taxes on a home and property and an outsider pays the taxes do they take over title to the home and property.
Property taxes in pennsylvania is 20% of your home value
The key here is this. Is the second purchase your PRIMARY residence? If you live in the home 24/7...not a vacation home...you use this address for your mail and primary residence, then it IS your primary residence. That fulfills the obligation in the rules for the tax credit.