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Tractor Talk Discussion Forum

Re: Real Estate taxes

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John T

03-21-2013 05:21:44

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As an Attorney and past Realtor I can ONLY speak as to how its handled in our state. Here the real estate taxes are "typically" handled/paid at closing of the transaction, at least all current and possibly those due in the immediate future. A "Warranty Deed" guarantees the title to be free and clear of liens and encumbrances, so if Title Insurance is involved you can be sure all bills and taxes (unless exempted) are likely current. Regarding which party pays which portion, that depends upon the purchase agreement and they may be pro rated (to actual date of transfer) or depending on when last paid and when due again, the sales contract may state something like Seller is responsible for the Spring/Fall installment of 2012 taxes due and payable in May/November of 2013 and Buyer is responsible for all afterwards.. With that information (and other such as fees and closing costs and title insurance etc etc) in hand the closing agent can pay all bills and distribute funds. The capital gains is a function of the "base" versus the net sales price AFTER expenses.

As to most legal or tax related questions I must advise in good faith that you consult a local competent trained professional (Real Estate Attorney or CPA) experienced in the laws of your state before you act. Bad advice could cost you big bucks when the IRS audits grrrrrrrrrrrr lol its not worth it to take a chance in my opinion but its your money and your decision as to how to handle the tax issue...

Best wishes and God Bless

John T Country Lawyer

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George Marsh

03-21-2013 05:34:02

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 Re: Real Estate taxes in reply to John T, 03-21-2013 05:21:44  
When does the federal sales tax on the sale of real estate kick in, or will it?

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George Marsh

03-21-2013 19:03:51

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 Re: Real Estate taxes in reply to MarkB_MI, 03-21-2013 06:26:28  
I'm confused, what does adjusted gross income have to do with a sales tax on real estate?

Is there a place online so I can read up on it?

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Mike (WA)

03-22-2013 08:34:09

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 Re: Real Estate taxes in reply to George Marsh, 03-21-2013 19:03:51  
Its the latest trend on "spreading the wealth around"- certain tax items don't "kick in" unless your income is above a certain level (or conversely, you are exempt if your income is below a certain level). Next phase is capping deductions if your income is above a certain level. Reducing a deduction results in the same bottom line for IRS as does imposing a tax, and its a whole lot easier to sell to the public.

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