Taxes After Buying A House

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You might pay pro-rated property tax when you first purchase your home and you may get another bill before the end of the year. If you paid pro-rated taxes, it will be noted in your settlement document. You won’t get an IRS form for the property taxes you paid, so save check copies and documentation of any property taxes payments. Video of the Day

Both represent sales of homes with unpaid property taxes. A tax lien sale is when the liens are auctioned off to the highest bidder. The highest bidder now has the right to collect the liens, plus interest, from the homeowner. If the homeowner can’t pay the liens, the new lien owner can foreclose on the property.

Keep in mind that, as with any tax law, there are exceptions to the rules and special rules for special cases, and it always makes sense to speak with a tax professional before making decisions that affect your tax return. That said, here are the basic rules you need to know when buying and selling your personal residence:

From being able to include mortgage interest expense, property taxes, and Private Mortgage Insurance and other deductions like charitable donations, medical expenses, and certain other miscellaneous expenses in itemized deductions to excluding from income a gain from a future home sale – buying a home can put more tax dollars in your pocket.

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The good news is that most homeowners can take advantage of several tax deductions when they buy or refinance a house. First-time homebuyers in particular may be eligible for substantial tax breaks. Here’s a primer on how buying a first house will affect your taxes.

Personal Residences. A 1031 tax-deferred exchange, also known as a Starker exchange, is a special transaction structure that lets you sell property, buy more property and not pay capital gains or depreciation recapture tax at the time of the sale. To accomplish an exchange, you hire a third party, called a qualified intermediary,

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