Obtaining a higher mortgage can be a huge tax benefit and one of the major benefits associated with real estate ownership.
When you'll be purchasing your new home, it is important to understand the tax ramifications associated with it and I can aid you in avoiding some common pitfalls that may occur in the property tax process.
Annual tax bills are mailed once a year by November 1. The first installment is delinquent if payment is not received on or postmarked by December 10 and the second installment is delinquent if payment is not received on or postmarked by April 10. You will also have a one-time supplemental property tax based on when escrow closed and the sale amount. This amount may be calculated on the Los Angeles County Tax Assessor's site.
The California property tax is approximately 1.25% of the sale price of your new property.
Forms and Publications
Tax Software
Tax News Network
Tax Forms online
US Treasury Department web site
Tax Legislation
United States Internal Revenue Code
Tax Service
Yahoo Finance/Tax
Taxes and the IRS
CNN Taxes/Finance on line
Federation of Tax Administrators
National Tax Association
IRS Home page
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