Estate Tax-Federal Estate Tax

sjoschko asked:


I guess this is a two parter: First, do the homeowners association have to pay real estate taxes? Second, since a HOA is a non-profit, the real estate taxes that they pay should then be deductible on my tax return (on a pro rata basis, obviously), right?

Please have some real sources, preferably either IRS publications, IRS rev rec rulings, or tax code citations. I searched myself but couldn’t find any.
Let me clarify: I’m asking about the real estate taxes paid by the HOA on common property, for instance the parking lot, swimming pool, communal property like that. I understand I pay my own RE taxes on my house, and those are deductible.

And as for the apartment complex answer, this is different. The apartment complex gets the deduction because they pay tax on the income derived from the apartment complex, so they get to use that as a bona fide business expense. But, since an HOA is a non-profit, they get no benefit of deductions/expenses.

Wesley Swider

supermoren02130 asked:


Is there a real estate guru out there? if the assessed property value of a house is 150k and i purchase it for 80k, how much would my property tax be? How do I calculate the property tax?
the answere are grat, but, how does this applyies to my case.
can someone explain.
the answere are grat, but, how does this applyies to my case.
can someone explain.

Andrew

suzziesurvivor asked:


My mother is concerned that her children will have to pay an estate tax if she leaves her house to her children, and I believe there is none if its under a certain amount. Also no inheritance tax because we are her children. I think we would just have to pay any taxes due on her house at that time, as her house is paid for. This is New Jersey

Rozella Caras

vouthy asked:


$1,650 for charitable contributions and $853 in state and local taxes. what is the total of these deductions? should Winona itemize or take the standard deduction?

Shauna Polidoro

nyceane asked:


the question, Can I file NY Home as primary home and rent a home, file tax in california?

Sumiko Feinstein

cammyd1967 asked:


My aunt died 1//1/06. She was single and my grandparents (ages 87 and 90) are the beneficiares or co account owners. There may be others payable to the estate that we do not know about. There was no will. They receive benefits because of their ages–social security, reduced real estate taxes. How should we go about making transfers to them–life insurance; IRA, 403(b) etc and given their ages are there special considerations that we should be looking at?

Argentina Yazzle

Troy asked:


We built a house which we plan to sell to our son. We just want to break even on the sale.

Joseph

Que Rico asked:


3 brothers were equal beneficiaries of a will. I bought the house from my father’s estate and they received payment directly from the estate for their shares. The house wasn’t specifically inherited, it was just one of the assests. All other criteria are met. Am I eligible?

Jamie Bredeson

menarka asked:


Can an LLC purchase residential real estate that will be used as a home office pre-tax?
The LLC has made enough money this year to buy for cash (I understand it can be complicated for an LLC to get a loan, which I can now avoid).

Fletcher Stentzel

spontaneousknight asked:


I bought my house in May of 2006 in Ohio. Ohio bills property tax one year in arrears and I ended up paying for the second half of 2005 taxes. My settlement statement at closing read ’2005 taxes paid in full’, who is at fault here and how do I go about getting the money back that was taken out of my escrow account?

Darla Flatter