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Tax Appraisals For Dallas County? |
Tax appraisal for 5523 Greenbrier, Dallas, Dallas County, TX
| Answer: $601,550 |
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Is A Tax Appraisal Acceptable For The Cost Basis On A House.? |
I'm serving my father with his taxes. He sold a rental house last year that he bought in 1963. He doesn't reminisce over what he paid for it. We can't find the original purchase papers but we did find a county tax appraisal made only a few weeks after the procurement. Would the IRS accept that figure as a cost basis?
| Answer: That tax appraisal is cute much useless for setting the basis on the home. Most tax appraisals in that era had little correlation to the FMV of the property. The parliament that I grew up in in Boston was appraised for tax purposes at $9,500 but my Dad sold the place for over $55,000 in 1971. Since he was using the quality as a rental he should have been taking depreciation deductions against the rental income. You should dig through any old tax returns and see what he acclimated |
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Can I Use The County Tax Assessed Value Of My Home When Filing A Ch 7 Bankruptcy In California? |
I consulted an attorney re: filing a bloke 7 and was told it may not be a good idea based on the value of my home. They used the website Zillow.com to get the estimated value of my quality. My property was given a range of $303k to $390k, with a estimate of $349k. This value would put me over the CA fair play exemption amount of $75k. Is this a reliable valuation? I am hoping to avoid the trustee questioning the value and forcing me to peddle my home to pay off debts. Any suggestions on where to
| Answer: A two things for you to consider: 1) Sites like realestateabc.com and zillow.com do *NOT* give market values as estimated by an appraiser. These sites clone out comps in the area and give a ballpark estimate of what a home *might* be worth. However, federal regulations requirement that appraisals can only be done by licensed appraisers. Therefore, these sites to *not* give true market values. 2) The county assessor does *NOT* keep transactions of the market value of |
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I Bought Home Last Year. I Wonder What Expenses From My Escrow Closing Statement Are Tax Deductable? |
I separate, points I paid, interest I paid and property tax I paid druing year of 2007 are tax deductable.
However, while buying the sporting house, I also paid, inspection fee, appraisal fee, notary fee, county tax, escrow fee, underwriting fee, hazard guaranty, title fee, processing fee etc.
I wonder if any of those are tax deductable?
Answer and insight to this will be greatly appreciated.
| Answer: All of those fees are added to the sell for (cost basis) of the home. That means that when you sell, you will have less of a taxable profit - although none of it will presumably be taxable. (Unless they change the tax laws) They are not deductible. So save that stuff for the later. However, you can write off the interest you paid and points (if it is not on a 1098 Form already) and the property taxes paid, as you already distinguished. This IRS should be mighty |
Related Topics:
Council Tax Discount
Volunteer Income Tax Assistance
California Tax Lien
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Any Real Estate Ppl Or Agents Know If A County Tax Offices "market Value" Of A Home In Its County Is Reliable? |
There is a quarters that I am looking at and on the tax office website there is the information like how much is due for taxes and by when, well im looking at one whose "hawk value" in this website is 298k? is this appraisal more accurate than zillow.com or realquest.com? also it has a "capped value" on it too of 286k what does that represent? is that the lowest it can be appraised at or something? any help would be greatly appreciated, thanks
Do Not Use Jefferson County AL Tax Appraisals to Find Your Homes True Value
Collier Swecker video blogs about how homeowners in the Birmingham AL breadth do not need to use Jefferson County property tax appraisals as an ...
AP GRANTS Outmoded — Voters in the heart of Oregon timber country were voting down a tax development to make up for the loss of federal timber subsidies and fund public refuge. With 68 percent of the vote counted Tuesday night in Josephine