Are you looking for ways to save property tax? Managing every aspect of the property business is not an easy task. Everything from trivial matters to significant business decisions must be taken care of by you. Managing the day to day business operations becomes a hassle, especially when the tax season is approaching. You have to pay tax from the profits earned from residential property. Tax expert ‘Eamon Charles Lowe’ has come up with some tips to save money on property taxes:
Invest in another residential property: You can get an exemption from taxes if you purchase a house two years after the sale of the previous ones. This investment will bring long term capital gains to you.
Purchase specific bonds: Bonds are another way to save money on tax from long term capital gains. Bonds last for five years and can be redeemed or mortgaged for availing any facility. If you fail in doing so, the exemption gets reversed.
File a tax appeal: File a tax appeal by paying a small amount to save property tax. Ensure that the tax bill is filled in on time to save yourself from the bills of the local tax office. You might get instant approval or could take months to arrive at a decision.
The Bottom Line:
Work on these valuable tips by Eamon Charles Lowe and save money on property taxes. Money saved is money earned.
Property investments are capital intensive and a single mistake can put the buyer in a lot of trouble.
It is vital for the buyer to take extra measures while examining property documents.
Proper legal advice followed by document verification process will give peace of mind and sense of security to the buyer.
Eamon Charles Lowe from Gold Coast has come up with the list that you must check before finalizing a deal with the seller :Physical survey and property access: You must take a physical survey to know about the measurement of the property.
During personal visits, it is vital to demarcate the boundaries and give limited access to the property as they might impede you from enjoying the benefits of the property.Status of tax payments: Non-payment of the property taxes is a serious concern that affects the marketability of the seller.
You can verify if the property agent hasn’t mix any tax payment of the property.
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