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Tag Archive for property tax

18 Apr 2018

Written by Bernell Ward | Posted in IRS • Levy

Important Facts To Know About IRS Levy

Bernell Ward, Tax Advisor, Tax Blog, Bronx, New York, USA, TaxConnections

A levy is a legal seizure of your property to satisfy a tax debt. Refusal to pay the tax will have the following result. The IRS will usually issue a levy after they assess the tax and send a tax bill or a Notice and Demand for Payment.

If you still refuse to pay, then the IRS will issue a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the levy. The IRS may give you this notice in person, leave it at your home or business, or send it to your last known address by certified or registered mail with return receipt request. Read more

No comments | Tags: Bernell Ward, Bronx, IRS, Levy, New York, property tax, Seizure, Tax Advisor, Tax Bill, Tax Blog, tax debt, TaxConnections, Taxpayer Property, USA

16 Apr 2018

Written by Thomas Zaino | Posted in CRA • Property Tax

Residential Property Tax Abatements: Are You Overpaying Your Property Taxes?

Thomas Zaino, Tax Blog, Tax Advisor, Columbus, Ohio, USA, TaxConnections

It is no secret that tax incentives are commonly offered to businesses in exchange for job creation and community development. It is lesser known, however, that tax incentives serving a similar purpose are also offered to owners of residential property. Community Reinvestment Areas, or “CRAs,” are designated areas within municipalities or unincorporated county areas that local governments designate as neighborhoods containing housing facilities or structures of historical significance and where “new construction” is discouraged. The underlying goal of establishing a CRA is to revitalize, rehabilitate, and remodel existing structures within the boundary of the CRA. Ohio currently has over 400 cities, townships, and villages with established CRAs. Read more

No comments | Tags: Columbus, Community Reinvestment Area, CRA, ohio, Ohio tax, property tax, Residential Property Tax Abatement, Tax Advisor, Tax Blog, TaxConnections, Thomas Zaino, USA

11 Apr 2018

Written by Jane Swain | Posted in TaxConnections

UK Tax: Capital Gains Tax And Housing Information

Jane Swain, Tax Advisor, Tax Blog, Manchester, United Kingdom, TaxConnections

Your home is exempt from Capital Gains Tax (CGT) when you sell it, In contrast, buy to let properties sold at a profit are liable to CGT. However, in certain circumstances, some or all of the gain on a let property is also tax free. This works best when you let a property which used to be your home, for example you trade up but keep your old house, or a couple move in together and keep both houses, one of which they decide to let. However it can also apply if you acquire a property, let it for a few years and then decide to move into it. Read more

No comments | Tags: Capital Gains Tax, CGT, Jane Swain, Letting Relief, Manchester, property tax, Tax Advisor, Tax Blog, TaxConnections, UK Tax, United Kingdom

03 Apr 2018

Written by Grant Gilmour | Posted in Canada • International • Real Estate

Canada Tax: Capitalization Of Development Cost Under The Income Tax Act

Grant Gilmour, Tax Advisor, Tax Blog, Vancouver, Canada, TaxConnections

During the development phase or period of construction, there are many costs that are incurred. The majority of these expenditures are added to the capital cost of property or to the cost of inventory.

Soft costs do not have to be capitalized once the construction is complete or on the day that the building is substantially (at least 90%) used for its intended purpose. An occupancy certificate or completion certificate issued by the municipal building department is sufficient evidence that construction is complete. Read more

No comments | Tags: Canada, Canada tax, Grant Gilmour, Income Tax Act, property tax, Real Estate, Tax Advisor, Tax Blog, TaxConnections, Vancouver

28 Mar 2018

Written by Grant Gilmour | Posted in Canada • International • Property Tax • Real Estate

Real Estate Expenses After Acquisition Of Property For Tax Purposes

After a property is purchased, there is generally a time period that a property is held before it is developed. Common expenses that are incurred are property taxes and interest. Other expenses incurred can be classified as an operating expense, added to inventory cost or capitalized for tax purposes.

Property taxes and interest on vacant land are generally capitalized or added to the cost of inventory for real estate. These expenses on vacant land can only be deducted in the same tax year if there is property income received and the corporation is not in the business of development. Read more

No comments | Tags: Acquisition Of Property, Canada, Capital Cost, Grant Gilmour, property tax, Real Estate Expense, Tax Advisor, Tax And Interest, Tax Blog, TaxConnections, Vancouver

29 Dec 2017

Written by John Adams | Posted in Property Tax • TaxConnections

Gov. Christie Orders NJ Towns To Accept 2018 Property Tax Prepayments

In anticipation of the new tax law, some taxpayers are seeking ways to try to minimize their future tax burden. Due to the incoming $10,000 cap on the state and local tax deduction, this includes prepaying 2018’s property taxes for deduction on their 2017 tax return.

On December 27, 2017, NJ Governor Chris Christie issued an executive order allowing NJ homeowners to prepay property taxes for the first two quarters of 2018. While some towns were already accepting prepayments, this order instructs all municipalities to accept at least partial 2018 prepayments from residents. The prepaid property taxes must be postmarked by the end of the year to be eligible for deduction. Read more

No comments | Tags: John Adams, New Jersey, New Jersey tax, prepayments, property tax, state and local tax deduction, tax connections

14 Dec 2017

Written by Bernell Ward | Posted in Rental Property Tax • TaxConnections

Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications

If you are among the many taxpayers renting your first or second home using rental agents or online rental services that match property owners with prospective renters, such as Airbnb, VRBO and HomeAway, then you should know the IRS has special rules related to short-term rentals.

When property is rented for short periods, special (and sometimes complex) taxation rules come into play, which can make the rents excludable from taxation; other situations may force the rental income and expenses to be reported on Schedule C (as opposed to Schedule E). Read more

One comment | Tags: Airbnb, HomeAway, online rental service tax, property tax, Rental Agent, Taxation, VRBO

05 Oct 2017

Written by Claire McNamara | Posted in Europe

Taxation Of Irish Rental Income

What is Rental Income?

According to the Revenue’s website, Rental income includes:

“the renting out of a house, flat, apartment, office or farmland
payments you receive for allowing advertising signs or communication transmitters to be put up on your property
payments you receive for allowing a right of way through your property
payments you receive for allowing sporting rights such as fishing or shooting rights on your property
payments you receive from your tenant to cover the cost of work to your rental property. Your tenant must not be required to pay for this work per the lease
certain lease premiums, as well as deemed and reverse premiums
Conacre lettings
service charges for services connected to the occupation of the property
payments from insurance policies that cover against the non-payment of rent.”

No comments | Tags: Claire McNamara, Income Tax, Ireland, Offset of Rental Losses, Pay Related Social Insurance, personal tax, property tax, Rent-a-Room Exemption, rental economy, Taxation of Rental Profits, Universal social Charge

18 Nov 2016

Written by Grant Gilmour | Posted in Accounting Methods • Canada • International

Canadian Tax FAQ – Prepaids on a Balance Sheet

What are Prepaids on a Balance Sheet? The Prepaids category appears under Current Assets on a Balance Sheet. Prepaids represent expenses that are paid in advance for a future period.

No comments | Tags: income, Prepaids on a Balance Sheet, property tax, tax help

18 Sep 2015

Written by Annette Nellen | Posted in Property Tax

Personal Property Tax Issues

There is an interesting article in the San Jose Mercury News – “Silicon Valley’s stealthy, selfish war on taxes,” by Michelle Quinn (9/11/15). She looks at some of the assessed values high tech firms have noted for their equipment, including $1. She reports that some companies argue that the machine has no value to anyone else. That seems odd. But, it is a problem with a valuation tax, such as the property tax.

What is business personal property, such as equipment, worth each year? Arguably, when purchased, it is worth what you paid for it, but it isn’t worth that much after that. The valuation approach used does allow for adjustments down for subsequent years. The system also allows for lower values and appeals when necessary. Read more

One comment | Tags: Annette Nellen, digital goods, Personal Property Tax, property tax, Silicon Valley, taxes, valuation tax

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