If I sell my house for about $400,000 (my taxes are now $4500 because I bought this house 30 years ago) and buy a house in same neighborhood (Miami) for equal value, my taxes will quadruple. Is there any way through incorporations or LLCs or Trusts or exhanges to avoid this jump in taxes on my new purchase?
2007-12-03 15:30:56 · 3 answers · asked by walkathisway 2 in Business & Finance ➔ Renting & Real Estate
No, since the tax is levied on a specific parcel of property. Any time the residence changes hands, you're going to see property taxes change.
2007-12-03 15:35:54 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
There is a Florida constitutional amendment, that you will soon vote on, that allows for a super homestead exemption allowing you to be exempt for 75% of the taxes due on the first $200,000 and 15% of the value over $200,000. So if you can qualify for a homestead, you will be in good shape as you will only be taxes on $220,000!
2007-12-03 16:53:57 · answer #2 · answered by linkus86 7 · 0⤊ 1⤋
IRS enables as a lot as $250,000 for unmarried or $500,000 as a married couple in fairness at sale (wide-spread position of abode on condition that you lived there for 2 of ideal 5 years), after calculations for foundation- without tax due. examine such as your state to work out if it conforms to IRS in this.
2016-10-25 10:07:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋