Are there federal,state or county reassessment tax?
2006-12-24 15:22:29 · 5 answers · asked by karina 2 in Business & Finance ➔ Taxes ➔ United States
If he wants to buy your share file a quit claim, which basically gives him your half with no taxes on your behalf to pay,when he sales the property he will he will owe the tax.
2006-12-24 19:46:59 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Joint Tenancy provides an computerized precise of survivorship. it quite is, if certainly one of you dies, the different gets the deceased's interest interior the valuables. If there are various survivors, they each and every get an equivalent share of deceased's interest. It is going on like that till there is one survivor. That survivor has the valuables outright. this could nicely be a probate avoidance gadget. while you're married, maximum states create a definite form of joint tenancy referred to as a tenancy via the entirety once you via a chew of assets which comprise your better half. It gets dissolved on divorce. A Tenancy in person-friendly, on the different hand, provides each and every proprietor an equivalent share interior the valuables that would not disappear while an proprietor dies. it quite is, the owner could go away his interest interior the valuables to somebody in his will or via intestacy. With the two hobbies, each and every proprietor has an equivalent precise to possession and delight interior the valuables. additionally, the two hobbies are freely alienable (they may well be offered and offered). If somebody with a joint tenancy sells out, then the guy taking the interest would be a tenant in person-friendly with the the rest joint tenants.
2016-11-23 16:06:45 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If it is a rental property or if it is your personal residence and you have not lived there in two out of the last five years then the answer is yes you will owe federal and state income taxes.
If it is your personal residence and you have lived there for two out of the last five years you would only owe such taxes if your gain exceeds $250,000.
2006-12-24 21:24:43 · answer #3 · answered by waggy_33 6 · 1⤊ 0⤋
yes you will owe taxes to the feds and the state if you make any money from the sale, ie if you sell it for more than you paid for it originally.
2006-12-24 16:19:23 · answer #4 · answered by B 4 · 0⤊ 0⤋
You do if you made a profit on the sale.
2006-12-24 15:31:23 · answer #5 · answered by Anonymous · 1⤊ 0⤋