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The tax is based on fair market value of the subject property, and generally attaches to the property on a specific date. The owner of the property on that date is liable for the tax. [8] The amount of tax is determined annually based on market value of each property on a particular date, [9] and most jurisdictions require
The Doctrine of Cash Equivalence states that the U.S. Federal income tax law treats certain non-cash payment transactions like cash payment transactions for federal income tax purposes. [1] The doctrine is used most often for deciding when cash method (as opposed to accrual method ) taxpayers are to include certain non-cash income items.
The key terms to understand in property tax law are "market value" and "assessed value". The property tax amount is a percentage of the property's assessed value. Sometimes, the assessed value and the market value are set by law to be the same value. When the assessed value is a percentage of the market value, this is called "fractional ...
How to calculate home equity. To calculate the equity in your home, follow these steps:. Find your home’s estimated current market value. What you paid for your home a few years ago or even last ...
An investment normally counts as a cash equivalent when it has a short maturity period of 90 days or less, and can be included in the cash and cash equivalents balance from the date of acquisition when it carries an insignificant risk of changes in the asset value. If it has a maturity of more than 90 days, it is not considered a cash equivalent.
In addition, the court found that a promissory note is not necessarily a cash equivalent. The court then identified the following factors to consider when deciding if something is a cash equivalent: unconditional promise to pay; promisor is solvent when the note is delivered; assignable; not subject to set-off; readily marketable; and; not too ...
Most people use the terms real estate taxes and property taxes interchangeably. However, while both terms cover taxes paid on real estate, property taxes include other types of assets as well.
A rental or investment property home equity loan could come with tax benefits, depending on how you use it. A home equity loan allows you to tap the value of your property to obtain a one-time ...