Worth of taxes when they are excluded from your morgage?
2006-07-25 03:09:46 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
My guess is that is when the taxes are due. The homeowner at the time pays that cost.
Welcome to the wonderful world of home ownership!
2006-07-25 03:15:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hello,
When you say taxes, you need to specify what kind of taxes you are talking about. You might encounter the following types of taxes when you own a Real Estate.
1. Property Taxes.
2. Mello Roos.
3. Federal Taxes (Deduction due to Mortgage and Property taxes).
4. State Taxes.
In case you are talking about 1 and 2, as someone else has pointed out in their answers, these are prorated.
Pl. refer to your local tax code for property taxes and Mello Roos. In case of Federal and State taxes please consult your tax planner.
You can plan and submit your W4 in such a way as to only pay the appropriate amount of Federal and state taxes.
Let me know if you have any further questions and I can be of any help.
Disclosure: I am a Licensed Realtor with Century 21 in Sunnyvale.
2006-07-25 14:17:52 · answer #2 · answered by amolheda 3 · 0⤊ 0⤋
It gets prorated in the sale paperwork, so you pay only for the part while you own it.
2006-07-25 03:27:24 · answer #3 · answered by chris 6 · 0⤊ 0⤋