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Skywarn storm spotter MAN-477A asked:


Why is the real estate tax higher? Why do I have to pay real estate tax? I'm inheriting my grandmothers house. Is there any reason why I can't pay regular tax? What are the laws about this in Manatee county, FL? Sources?

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ocman21 asked:


I'm doing a project for my business class, and I need lots of informations on this question. Also I have another question: What type of taxes do you have to pay on real estate?

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capn bob asked:


I qualify as a real estate professional for tax purposes. I own and manage over 25 rental properties. I have not claimed that status in the past. I have recently married and my husband has retirement and investment income in excess of the maximum income amount allowed under the passive activity rules. If I make a profit from my investments, am I subject to FICA taxes on that income? Is there a downside to claiming real estate professional status?

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DJP asked:


I plan on getting a real estate license for the education and qualification when managing my private real estate investment career. Where/how do I deduct these costs on my taxes? Eventually I'll set up a real estate company where I could deduct them, but that won't be set up for a while. Thanks.

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Hemi asked:


A friend of mine said that her and her husband do it and are able to cover the second payment due for the real estate taxes. If this is so then how do you go about doing it?

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amazeme360 asked:


I was a full time student for 2006 and had a part time job. I also did a little bit of real estate but dont know how to file the income for it. What category is it under?

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rotkark asked:


I bought a new house in 2008. Where can I find the amount of real estate taxes that I must have paid on settlement to seller or to the bank for which I can get a tax deduction?

Playa Del Rey Real Estate

Tim N asked:


From my understanding if I make 100k as a single person, I pay 28% federal tax, plus state, plus medicare etc with a W2. What about if I make 100k in passive income from several real estate properties. How much taxes will I pay? What is the difference? Thank you! Basically, what is the percentage difference between the two? Thank you for your answers. WHAT IS THE DIFFERENCE IN % BETWEEN TWO INCOMES AT $100,000 per year?

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c_patching asked:


For 2007 are real estate classes deductable?

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sanjonny asked:


Two in one question. I am a real estate broker and I manage properties. In the process I have to do repairs on certain properties and have purchased hand tools for this purchase. I don't want to have to capitalize and all that for a 3.99 screwdriver so how do I deduct these purchases. Part two. If I throw a client party at my house, can I write off the entire amount or is it subject to the 50% entertainment stuff. Thanks in advance for your answer. I have several hand tools so the screwdriver is an example. I can't imagine I have to fill out a sect 179 deduction for each one

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Carissa B asked:


Recently bought a house in California, but am relocating for a job to another state. Because the real estate market is down, I will be taking a loss on my house. Is this tax deductible?

Boston Real Estate

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.

Chicago Il Real Estate

JG asked:


I just bought a house in August. And was filing my 2009 taxes and was wondering if I was able to claim my real estate taxes (property taxes, winter and summer) that were paid by me from the closing costs. http://www.irs.gov/pub/irs-pdf/p530.pdf According to this I can, but this is for 2008 returns.

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Dave asked:


I heard it would be more beneficial to sell real estate before I retire as opposed to after. What do I stand to gain, or what do I stand to lose if I keep the property and sell it after I retire?

Maryland Real Estate

K.Ro asked:


It will be my first time claiming my home as rental real estate when I do my 2009 taxes. I will be using Schedule E. I know I need to bring records of expenses and also what I've profited from rent, but what other documents do I need to have ready for the accountant?

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heart_and_troll asked:


In accordance with the usual IRS travel/meals/ent rules, of course. Are these deductible this year even if I buy next year? What if circumstances change and I don't buy at all? I've heard that if I don't buy, not deductible; if I do, must be added to basis, not deducted. On the other hand, another person doing the same thing was told by his accountant to form an 'investment' corp. and write off all his real estate searching travel within that corp. (hopefully, he is not planning to tell this guy to buy the real estate in the corp, but if he isn't then the tax write offs for the corp don't seem that legit.). Thoughts? Thanks. Sorry, this is for investment purposes, not for a personal residence. Not pers residence, not vacation home. Rental property. Yes, I already have one investment property, and the reason for buying elsewhere is because I believe, and research seems to back me up, that better value and better price appreciation can be had there vs here (think an expensive bubble area where rent positive rentals are hard to achieve, vs a midwestern locale where stuff is cheap and rent positive is the norm).

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kurt_belisle asked:


My goal is to find the impact of my real estate interest deduction against my federal income tax return in real dollars?

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Jenga asked:


I don't want to get audited by the IRS but I hear that Real Estate Professional - non passive activity is a big issue - can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please advise. Any help will be great!

Pacific Beach Real Estate Listings

mcurry81 asked:


I've made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don't want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one sell.

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petersruby20 asked:


I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow). Apparently my tax payments will be paid out of escrow in April, May and August of 2008. Does that mean that I can not claim real estate for my 2007 return? (At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)

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Albert T asked:


I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.

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FineArt1983 asked:


A lien was recently [July, 2007] placed by the IRS against a piece of Real Estate in New York that is owned by an Estate that I am the Executor of. How long do I have from the time the lien was placed by the IRS to the time that the IRS forces the property for sale or auction? If the property is forced for sale or auction by the IRS is there some type of redemption period that I have? The Estate does not want me to sell the Real Estate. The estate will be able to pay the IRS what it owes within three months. Do I have that much time before the property is placed to auction or sale?

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