Trulia’s 5 Tax Must Read’s

If you haven’t signed up for Trulia’s newsletters, I would certainly recommend doing so. If you don’t want the email, you can also view them online at info.trulia.com. The latest newsletter has some nice little tid bits about taxes and real estate owners and potential buyers.

Property taxes: What are the basics? Q: How are property taxes determined? Asked by Ama, Home Buyer in UK A: Your home’s value is determined by your county property appraiser. Then, based on the deductions (homestead, widow, etc) a taxable value is determined. That value is multiplied by the prevailing rate for your county and your tax liability is determined… Read more or reply

For two first-time buyers, who gets the $8K tax credit? Q: I have an unmarried couple buying a home. My question is, who gets the $8000 tax credit? Asked by Michael D. Delp, Real Estate Pro in Telford, PA A: If they file jointly they will split the credit. However, if they file separately the “primary” will receive the credit. The primary will be the person with the lowest credit score. This info came from my mortgage lender… Read more or reply

Which has greater tax impact: Size or location? Q: How do we play the property tax game when buying a house? Asked by Maya, Home Buyer in Westchester County, NY A: When I was starting in Real Estate many years ago the advice that Realtors gave their clients was to try to purchase a property in a very good area, even if it was the least expensive property in that area. I am sure that the same rule still applies… Read more or reply

Can you reassess to get lower property taxes? Property taxes too high? I was recently asked – I purchased a property [in CA] at the peak of the market in 2005. With my home value down now, how can I get a reassessment on my property taxes? Is it worth doing? The quick answer is that… Written by MaryAnn Morrar, Real Estate Pro in San Diego, CA Read more or comment

What are the capital gains rules on 2008 sales? Selling Homes & Tax Rules Well it is tax season and I thought it would be a good time to talk about selling houses. The law changed about ten (10) years ago and you no longer roll the profit from previous homes. A few rules to follow to exclude $250,000… Written by Pat Baker, Real Estate Pro in Needham, MA Read more or comment