Yes, you can deduct mortgage interest as well as property tax and maintenance from your investment property in Canada. If you own multiple units and you are the one managing them you should also open a property management company and charge your properties a management fee which is also tax deductible.

Powered by

There's a tax on EVERYTHING!!! Even Condo's. When you buy a condo, you are facing Property tax, Condo Fee and Insurance. Electricity and Cable/Internet/Telephone are the optional features.

Powered by

What are all of the expenses associated with buying a condo in the philippines?

Not directly. Anyone that buys a condo pays a monthly association fee. That covers maintenance of the building and recreational facilities and the property taxes. You can't pay property tax when you don't own any land.

Powered by

In gta, ontario, there are two buildings same size, same age but one with a tax property for 2500 per year and the other one 3300 per year!

The municipality believes one is worth more than the other. Location could well play a factor.

Powered by

You own real property, you pay property taxes, plus street assessment fees, sewer, water, etc. that goes with owning real property.

Powered by

Is it true, that once a title of property (condominium) has been transferred/signed over to another person--not sold-- that person has to wait a minimum of 2 years before selling the property, or else pay large tax. to the city/state? i live in il state

I know of no such rule. The transfer you describe would qualify as a gift. Assuming the property is worth more than $12,000, the donor would have to pay a gift tax. When the donee sells the property, the gain or loss is calculated as the difference between the selling price and the donor's cost, and the holding period for determining long-term or short-term gain starts with the donor's acquisition, not the date of the gift. A gain is taxable, a loss is not deductible unless the property had a business purpose, such as earning rental income.

Powered by

In california, i'm looking at a condominium complex and i'm thinking about purchase a unit. i looked up the 2009 taxes of 2 different units which i'm interested in. both these units are the same size and same layout. they are are on different streets but only 1000 yards from each other (ex. sonora way vs. casa verde drive). one unit paid a total of $2000 in property taxes (owned since 1999) and another paid $3546 (purchased in 2006). is the purchase date the explanation for the different taxes? if so, how often is a property value assessed (because this is mainly what property taxes are based on)?

You answered your question in the fist two words. Under Prop 13, property taxes are fixed at 1% of the selling price when the property changes hands, plus a maximum of .25% for local assessments. Annual increases after that are limited to 2% per year. Someone who purchased a unit 20 years ago will pay MUCH lower taxes than someone who buys today. The units could be identical and located next door to each other and this would still be the case. If I kept my old place that I sold back in 1983, my tax bill would be less than $1,500 per year today. The current owner pays nearly $5,000 per year, having bought it in 2009 for $479k.

Powered by

He has brought(choices) a-condominium b-cooperative c-leasehold d-syndicate

It should be BOUGHT and the answer is B

Powered by

What can the government do when a condominium owner fails to pay real property taxes? a. foreclosure for taxes against the apartment. b. seek to recover from the condominium association c. exercise its right of eminent domain d. place a lien on the common elements for your information, it's not my homework. i'm studying for a finance final and can't seem to found the right answer! i'm a 4.0 student and i don't come to yahoo answer to do my homework. i asked the question because i'm stumped on it if you don't no the answer that's fine. but there no need for rude comments

They are being mean. It is d. If it goes on for many many years then a. Never b or c