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  2. Tax aspects of home ownership: selling a home - AOL

    www.aol.com/2020-02-06-tax-aspects-of-home...

    Most home sellers don’t have to report the transaction to the IRS. But if you’re one of the exceptions, knowing the rules will help you with your tax bill. ... knowing the rules will help you ...

  3. 1978 California Proposition 13 - Wikipedia

    en.wikipedia.org/wiki/1978_California_Proposition_13

    Proposition 13 (officially named the People's Initiative to Limit Property Taxation) is an amendment of the Constitution of California enacted during 1978, by means of the initiative process, to cap property taxes and limit property reassessments to when the property changes ownership, and to require a 2/3 majority for tax increases in the ...

  4. Property Taxes: How To Avoid the IRS Coming After Your Second ...

    www.aol.com/property-taxes-avoid-irs-coming...

    You can also deduct state and local property taxes — up to $10,000, combined, for all real estate taxes. Making your second home your primary home increases potential tax benefits.

  5. Capital gains tax on real estate and selling your home - AOL

    www.aol.com/finance/capital-gains-tax-real...

    Capital gains tax is a levy imposed by the IRS on the profits made from selling an investment or asset, including real estate. Primary residences have different capital gains guidelines than ...

  6. Property tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Property_tax_in_the_United...

    Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due.

  7. Internal Revenue Code section 1031 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.

  8. Capital Gains on the Sale of a Second Home - AOL

    www.aol.com/finance/capital-gains-sale-second...

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  9. Installment sale - Wikipedia

    en.wikipedia.org/wiki/Installment_sale

    If a taxpayer realizes income (e.g., gain) from an installment sale, the income generally may be reported by the taxpayer under the "installment method." [5] The "installment method" is defined as "a method under which the income recognized for any taxable year [ . . . ] is that proportion of the payments received in that year which the gross profit [ . . . ] bears to the total contract price."