2007-03-25 16:47:59 · 4 answers · asked by Banka 1 in Business & Finance ➔ Taxes ➔ United States
There's no state income tax in Texas, ya'll!
You may be subject to Texas Franchise Tax, a tax on corporations & LLC's formed & doing business in Texas.
go to:
www.window.state.tx.us
to see if you have to pay this, it is due May 15th.
If you aren't a corp or LLC, it is unlikely.
2007-03-25 18:22:28 · answer #1 · answered by T H 4 · 0⤊ 0⤋
The mechanics paintings like this. First, you record a return in the state the place your condominium property is, and pay the tax. Then once you record the return to your domicile state, you get a "credit for tax paid to a diverse state," so which you're actually not paying two times. In effect, it often works out the place you're paying tax to the state with the optimal tax cost. sadly, Texas does not have an earnings tax, so which you will not record and pay earnings tax on the condominium earnings. you will have 0 credit for tax paid to a diverse state, so it won't make any distinction on your CA return. it rather is in all possibility why the FTB instructed you you ought to pay CA taxes even nevertheless the valuables is in Texas. you're taxed on all your earnings in however state you reside in no count the place it rather is earned, then you definitely subtract any suited credit. No TX tax, so TX would be beside the point at tax time.
2016-10-19 22:35:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No as Texas does not have an income tax. You do have to pay property taxes and in some countys and cities you have a landlord property tax or fee, (license), in oreder to be a landlord.
2007-03-29 11:26:10 · answer #3 · answered by H. A 4 · 0⤊ 0⤋
TX doesn't have a state income tax. The only tax you need to worry about in TX is the property taxes.
2007-03-25 17:29:13 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋