0
They would have to be. You do not go Bankrupt on certain things though. In BK you do not pick and chose what is included. All are given priorites and some are exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. (Some property taxes may well be secured debts). ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. Taxes get a fairly high priority and will be paid in full before most other unsecured debts.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How many times can you file Chapter 7 bankruptcy and can you claim taxes?
No limit
If you dont pay your property tax will that affect you in filing bankruptcy?
Well they just don't go away if you ignore them if that's what you mean. The taxes will be a claim, a secured claim, in your BK. It will affect what is availabel to pay others and may well affect your chances to save the property they are on.
Is it possible to claim your property taxes if making below 10000.00?
Sure. If you itemize you can claim your full property taxes. And this is new for 2008: If you don't itemize, you can claim $500 of property taxes ($1000 if married filing jointly). See the instructions for line 40 of 2008 Form 1040.
What can you write off your taxes for an investment property?
I assume you mean property taxes. Yes, you can claim an itemized deduction on Schedule A.
Can an LLC claim bankruptcy if it owes state taxes?
Any corporation can file for bankruptcy, whether or not it owes taxes. If the corporation is to be liquidated, any taxes it owes are the first priority to be paid, before the debts owed to others.
Can you file bankruptcy on property taxes?
ALL your property (all your assets) AND all your liabilities are included...always..you do not pick and chose. You cannot go BK on a speci Save fc debt.They are given different priorities, some debts may not be discharged (like child support), and some assets (like household goods, work tools), may not be used. Secured debts. (and property taxes are secured to the property being taxed), get first claim to the proceeds from that asset.AnswerReal estate taxes cannot always be discharged in bankruptcy. Determining whether they can be discharged requires some investigation by an attorney who specializes in bankruptcy law. A secured debt for property taxes would be perfected by the recording of a tax lien in the land records.
If your mother lives on your property and pays your taxes on agreement can they claim homesteading and possess the property?
No because you own the property and you would be the that one that should be paying the property taxes.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
My brother is thinking of filing bankruptcy. If he filed for bankruptcy would this also take care of the back taxes he owes on his property?
It depends on a number of circumstances; often it isn't possible to discharge back taxes in bankruptcy, but it is in some cases if the back taxes are over 3 years old.
Can property taxes be discharged in chapter 7 bankruptcy in Texas?
TAXES in CHAPTER 7sorry to tell you , but in Texas property taxes can not be discharged in any bankruptcy.As laws change every year it would be best to check with the city you live in
if a person haven't paid taxes on a peice of property for over six years can someone else catch up the taxes and claim the property?
It depends on the property, the law in that jurisdiction, the amount of taxes owed and the disposition of the property at the County Tax Assessor's office. If you are aware of such a property, contact the County Assessor for information.
In most states and m?
In most states and most cases, the payment of property taxes, in and of itself, does not have bearing on the question of property ownership. It is possible that a co-owner of real estate paying property taxes over the course of years would have a claim against the other co-owner, but that only goes to a monetary claim for the taxes...not the joint ownership which it sounds as though was clearly established via a quit claim deed.h
