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Property Tax Protests
Once
in a blue moon a reader writes in to my real estate column complaining that -- "Our
property tax assessment is too low!"
Turns out, usually, that they're worried about the eventual
sale of their property. Will buyers assume the place is worth less than they're asking for
it? And should they protest and ask that the assessment be raised?
Well, of course they shouldn't. Well-informed buyers know
that however well-intentioned and skilled, the assessor's figure is still just an
estimate, and is seldom a reliable guide to market value. Meanwhile, a lower property tax
can be a plus from the potential buyer's point of view.
But usually, the complaint is quite the opposite.
In some communities, assessment is automatically changed to
the sale price when property is purchased and that's that. It's hard to argue that the
place isn't worth what you just paid for it.
Elsewhere, though, there is often room for appeal, when you
think you're being asked to pay more than your fair share of property taxes.
CONTINUED >>>
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Home Office Deductions Add To Your Home's Tax Savings
Along
with the mortgage interest deduction, mortgage credits, deducting points and capital gains
tax breaks on the sale of a home, your residence provides a bounty of tax relief for
living there, but it also offers breaks if you work there too.
If you work at home and want to save money with the new,
liberalized rules for 1999 home office deductions, become familiar with them now so you
can assess your situation and be sure you will be able to validate your claims.
More than 1.5 million Americans claim the deduction and cut
an average of $2,000 from their tax bill, according to Working Today a nonprofit advocacy
group for self-employed workers.
"There's been an explosion in the number of people
working out of their homes, so this is a fast-growing issue," says Joe Schwartz,
president of the California Society of Enrolled Agents.
Here are some basic facts to consider if you work at home:
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Deductible Moving
Expenses
Yes,
Uncle Sam stands ready to help soften the expense of your job-related move. No, he isn't
quite as generous about it as he used to be.You may be eligible to deduct some moving
expenses if:
| Your new job or job transfer is at least 50 miles farther from your home than the old
one was. |
| If you had no previous job, the new one is at least 50 miles from your old home. |
| You are in the armed forces and had a permanent change of station .
You are eligible if you are working full-time (defined as at
least 39 weeks in the next year.) Expenses are included if they are incurred within one
year from the day you reported to work at the new job. Time extensions are sometimes
granted, if, for example, you remained in your old home until your daughter graduated from
high school.
If you are self-employed, you also need at least 39 weeks in
the 12 months after the move.
Generous provisions, however, allow coverage without the
required length of time at the new job for members of the armed forces, those transferred
by an employer, those who lost a job through no fault of their own, and persons returning
to the United States from abroad when they retire (or their survivors).
CONTINUED >>>
Angela Burdick combines many years' experience, a thorough
understanding of the real estate market, and cutting-edge technology to provide buyers and
sellers with competent advice and proven results.
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