4 - Real Estate Taxation - Oct 4 2011 Chapter 4 Real...

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Oct 4, 2011 Chapter 4 - Real Property Tax - Robert Rooks 1
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Oct 4, 2011 Chapter 4 - Real Property Tax - Robert Rooks 2 Real Estate Taxation Real estate and taxes are inherently intertwined. Taxes affect real estate and real estate values in at least three ways. From the standpoint of tax savings against other active income. (Depreciation) From the standpoint of real property taxes, an expense, that is normally deductible from active income. From the standpoint of taxable gain upon the sale of the real estate.
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Oct 4, 2011 Chapter 4 - Real Property Tax - Robert Rooks 3 Classifications for Taxation Real estate has different tax preferences depending on the way the real estate is used, and whether or not there are improvements on the property. The personal residence is entitled to some tax benefits. Income or Business property is entitled to most of the tax benefits of personal residence property, and is privileged to other tax advantages as well.
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Oct 4, 2011 Chapter 4 - Real Property Tax - Robert Rooks 4 Personal Residence. The personal residence has two periods in time when taxes come into play; 1. During the ownership. a. Property taxes are deductible b. Interest on loans are deductible c. Gains from the sale may be taxable d. Method of holding title can be critical. 2. Upon the sale of the property. a. During certain time periods.
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