We sold our house and bought another one in the middle of the year. What property tax amount should i report on my income tax return? The full amount of taxes for the new property or should I report the pro-rated amount I gave the buyer of my old property and the amount paid on the new property minus the pro-rated amount the sellers gave me on my new property?
Hope this makes sense……
Henry Huang interviews special guest, Ms. Carol Quan, Special Assistant to LA County Assessor Rick Auerbach office, about how property tax is assessed, reassessment of property value in a declining market, tax relief for houses destroyed by fire, supplemental tax bill, home exemption and exclusion tax transfer between parents and children.
I forgot to add property taxes I paid in 2007 on my 2007 tax return. Can I add them to my 2008 tax return? Is there a separate form I need to fill out to claim these paid taxes? I am using H&R Block online to do my taxes. Thanks for your help.
taxlawchannel.squarespace.com San Francisco, CA Tax Attorney Robert Wood on Selling Property Tax law expert Rob Wood discusses his article in the LA and SF Daily Journals on selling property. “You may never sell your property, but if you do, odds are you’ll have taxes to pay. After all, the real estate market is supposedly coming back. Usually, the longer you hold property, the bigger your gain. The good news is that usually the gain will be capital, meaning a federal tax rate of only 15%. But California’s tax rates aren’t as forgiving, so you’ll pay up to a whopping 9.55% (in some cases, even 10.55%) to the Golden State. That gives you two good reasons to consider whether you can eliminate or defer the tax even if you have a gain.
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