Tax FAQ
 

Whose Responsibility Is It To Pay The Property Tax On A Land Where New Homes Are To Be Constructed?

Question by Curious1 | Posted in Canada

Here is a ground: A company decides to have newly constructed homes built on a land they own in January of 2006. A couple decides that they need to buy one of the homes that are to be built and signs an agreement of purchase that same month. The home is not constructed and they cannot suffocating until December of 2006. So the couple can only have access to the home from December of 2006. Then February 2007 comes and the riches tax bill for 2006 arrives. In your opinion, whose responsibility is it

Answer: This should have all been sorted out during closing.

(You should have received a impute for Jan-Dec partial year when you made the purchase, so now you are responsible for paying the whole tax bill for the year.)
 
 

Is It True That There Is A New Law On Land Sold Last Year, Has A 70% Tax?

Question by Quest | Posted in United States

This sounds very unlikely, it's hard to believe that there is a 70% tax on land sold. I think this tax preparer is lying, I yearning that I am wrong. Can any one who knows tax laws find out the truth on this?
The tax's are being prepared in Indiana.
Indiana sales tax is 7%, wouldn't that also pertain to land sales also?
What would the federal tax percentage be on the land?

Answer: It may be worse than you over. The tax preparer may not be lying. He or she may be stupid!

Sales taxes and real estate delivery taxes are imposed by states and local governments. Check with the local characteristic tax office for the complete truth.

I hope this helps.
Gary

Related Topics:

First Time Home Buyer Tax
Training Tax Credit
2005 Tax Preparation

 
 

Does New Toyota Land Cruiser Qualify Us Tax Credit?

Question by Joe | Posted in United States

I want to buy Toyota land cruiser SUV for company use, travel from medical office to patient's home.

Answer: See IRS Newsletter 463, especially the car expenses under http://www.irs.gov/publications/p463/ch0 4.html#en_US_publink100033930

You either take a pattern mileage rate for actual business miles, or actual expenses minus the portion of personal use (commuting is personal use). Under actual expenses also see "Depreciation and divide up 179 deductions". That vehicle would meet the definition of a "car" for depreciation purposes (not a "nonpersonal use conve

Related Topics:

2006 Irs Tax Form
The Death Tax
Non Resident Tax Forms

 
 

What Is The Tax Percentage For The Purchase Of Residential Land In Up State New York?

Question by Alton | Posted in United States

If i purchased some land in up brilliance new York at $45000 how much will the tax be for al total price?

Answer: what affable of tax are you talking about? property tax? sales tax? something else?
property taxes are different in every town, county and state and for land depend on the hugeness of the land and any improvements on it, not how much you paid for the land

Related Topics:

2006 Income Tax Calculator
Moore County Tax
Individual Tax Return Form

 
 

How Is It Just That Non Land Owners Can Vote For Tax Levy Onto Land Owners?

Question by Samantha M | Posted in Other - Taxes

i own my harshly, there was an issue on the ballet to add a 10% tax levy to land owners. But 90% of the people who voted for this are not land owners. who will never experience this new tax. I don't understand why and how this is fair. I think that only people who will have to pay the new tax should get to vote for or against this. (land owners).

Please help me hear tell how this is fare.

Answer: While others may not own land, they to all intents rent (witch will go up with the increased cost), work (no raise this year because of increased taxes), and rat on (increased pricing due to tax increase) on the lands in question.

The bigger question is what was this land tax for? In my breadth land & property taxes are collected by the county, and these funds are used for infrastructure and take up the cudgels for - benefits to land owners.

Related Topics:

Martin County Tax Collector
Pennsylvania Tax Refund
Tds Service Tax

 

NSW New Land Tax Rates - Shocks All Round

The NSW Administration has released new land tax rates for 2009. As of midnight on 31 December 2008, land tax is blood-money on the total value of all the ...

No Land Grab: New York's Eminent Domain “Blight” Grows

by eric

In comeback, Columbia prevailed upon the Submit of New York to criticize the wilful owners’ gear upon the hesitant argue that it was “blighted,” which mandated its demolition and replacement with more utilitarian (at least to Columbia)... The ruling of New York’s Court of Appeals — the shape’s highest discriminating viscosity — in favor of Columbia University’s bid to have the mark of landowners who will not deal in their land to the installation condemned is another depressing chapter in... The four agile warehouses and two bustling gas stations that Columbia wished to roll to make peace way for new buildings of its own do not fit that story of “blighted,” though there is no shortfall of locations in New York Bishopric that do. Moreover, the court sentence, which overruled a farther down appeals court’s dismissal of the use of prominent property in this action, is extraordinarily troubling....

Read more...
© 2011 Tax FAQ