when u own your home what taxes do u pay. can you used this on your tax return.
2006-11-10 12:28:56 · 7 answers · asked by keedy8300 2 in Business & Finance ➔ Taxes ➔ United States
You may pay several different taxes depending on where you live.
Some places have a transfer tax when you buy the house, sort of like a sales tax.
Most cities and counties have real estate taxes based on the value of your home. Sometimes there is a school tax, too, but sometimes they're combined.
These taxes are all deductible on your federal income tax if you itemize.
Some places have a sewer tax that is based on water use so it may or may not be deductible.
Your best source for this information would be a Realtor and a tax adviser.
2006-11-10 12:38:16 · answer #1 · answered by rjrmpk 6 · 2⤊ 0⤋
Good point about the sewer taxes. Indeed any payment to the local authority which is a voluntary fee is not deductible. For instance. My council offers free pick-up of yard waste, which is part of the tax bill. So I get a deduction for it. The next county over offers it as a service to those who choose to pay for it and bills it annually with the property taxes. This is not deductible.
For the avoidance of doubt, the transfer tax is part of the cost of the home and you only get to deduct it on sale. As almost nobody pays tax on the sale of their main residence, you effectively get no relief.
2006-11-11 02:19:42 · answer #2 · answered by skip 6 · 1⤊ 0⤋
The taxes you pay on your home are deductible on your tax return.
2006-11-10 12:36:45 · answer #3 · answered by ? 6 · 0⤊ 0⤋
You have to pay property tax which is deductable on federal income tax
2006-11-10 12:36:31 · answer #4 · answered by Bill 6 · 0⤊ 0⤋
Yes...in Bexar county, Texas we pay a county property tax and a school tax based on our property valuation. They are both tax deductible.
2006-11-10 12:36:33 · answer #5 · answered by tac_sa 2 · 0⤊ 0⤋
you pay sales tax when you buy the home, and property tax 2 times a year. yes, you can claim it on your return it's called a homestead tax credit.
2006-11-10 12:39:55 · answer #6 · answered by lidakamo 4 · 0⤊ 1⤋
in the starting up, I commend you for desiring to make funds operating from residing house and make an more advantageous existence. besides the undeniable fact that, there are various more effective procedures to creating wealth than stuffing envelopes. are you able to write or are you attracted to writing? if so information sells and could pay a lot more effective than stuffing evelopes. i might want to come across extra formerly making you're making your determination. desire this allows.
2016-11-29 00:34:14 · answer #7 · answered by minogue 4 · 0⤊ 0⤋