Guest guest Posted January 23, 2008 Report Share Posted January 23, 2008 --- In , <brianc8452@...> wrote: This is only one question on the IRS website. You should really check with a tax expert because things change all the time. , What if there wasn't an 'event'? What happens if the reason for the mold is the builder's fault? Such as: inappropriate grading of the land & moldy building supplies? My guess is that they would all be difficult to prove. Cheryl Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 23, 2008 Report Share Posted January 23, 2008 For property values, the tax is based on the value of the property. Its a percentage value. Recently, lots of people have been petitioning for reassessments all across the country because their property values have gone down. In many communities thats a real problem because city governments were not expecting big decreases in revenue but they are getting them. I think whoever owns a property has to pay taxes on it. Even banks do. But vacant properties in partially deserted neighborhoods are probably worth less. Its hard to say what they are worth if they are unsold. Another way that mold effects taxes is when a building with rentals in it is in serious and longstanding violation of important health or building codes. In many places, anti-slumlording laws exist stating that if the owners ignore repeated notices of violation, and don't address them, then they are prohibited from deducting their expenses for that property from their income for that property for a year in which they were substantially in noncompliance. Sometimes, laws kick in that prohibit them from collecting or even asking for rent while outstanding violations more than 90 days or six months or something like that exist! However, many slumlords neglect to inform their tenants of this for some reason. The tenants have to discover this themselves, and they rarely do. (Or believe it when they are told about it.) The tax issue can bite slumlords years later. If they neglected to consider those outstanding violations when calculating their taxes, and didn't inform the state of them, they might owe the government money. I think the statute of limitations on that is something like seven years. On Jan 23, 2008 4:05 PM, Cheryl <sunbum256@...> wrote: > > > > > > > > This is only one question on the IRS website. You should really check > with a tax expert because things change all the time. > > , What if there wasn't an 'event'? What happens if the reason > for the mold is the builder's fault? Such as: inappropriate grading of > the land & moldy building supplies? My guess is that they would all be > difficult to prove. > Cheryl > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 23, 2008 Report Share Posted January 23, 2008 Sorry, I'm not a tax expert. You might also want to read IRS Publication 547 about Casualty Losses. You could also call the IRS tax help number. [] Re: Taxes and Mold--- --- In , <brianc8452@ ...> wrote: This is only one question on the IRS website. You should really check with a tax expert because things change all the time. , What if there wasn't an 'event'? What happens if the reason for the mold is the builder's fault? Such as: inappropriate grading of the land & moldy building supplies? My guess is that they would all be difficult to prove. Cheryl ________________________________________________________________________________\ ____ Looking for last minute shopping deals? Find them fast with Search. http://tools.search./newsearch/category.php?category=shopping Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 23, 2008 Report Share Posted January 23, 2008 There is another side to this. If a fire or other tragedy took your house, you would get less money from your insurance company. Or if you might try to sell in near future, you may not want property to reassessed downward. If you aren't in an area likely to be hit by something that could destroy your property and not looking to sell in a very long time, it can be done, 'reassessed'. --- In , LiveSimply <quackadillian@...> wrote: > > For property values, the tax is based on the value of the property. > Its a percentage value. Recently, lots of people have been Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.