Tax on selling an investment property
Selling an investment property can be a financially rewarding move, but it's important to understand the tax implications that accompany such transactions.In this article, we'll explore various...
Land tax is a tax levied by state governments on the ownership of land and properties.
Land tax is a tax levied by state governments on the ownership of land and properties. It's an annual tax based on the value of the land and is typically paid at the end of either the financial or calendar year, depending on your state or territory.
Yes, land tax paid on an investment property is generally tax deductible. However, it's important to note that the deductibility of land tax can vary depending on your state and specific circumstances.
Land tax is usually not applicable to properties that serve as the owner's primary place of residence (PPOR).
A PPOR refers to the main home where a person lives, typically the property where they spend the majority of their time and consider their primary dwelling. Various states provide exemptions or concessions for owner-occupied properties, relieving homeowners from the burden of this tax.
Compare your property to recent sales in the area to get a current market estimate.
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