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Do you have to pay property tax if you rent a house?
Not directly. The owner of the property is responsible for paying the property taxes. However, you should understand that how much rent you pay is determined, in part, by how much property tax the...
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Do you pay tax when you sell a house?
Maybe. If you don't sell it for a profit, there is no federal income tax. (There may be other taxes like local transfer taxes and title fees, etc.) If you sell it for a profit there may be a taxable...
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What does city taxes pay for?
City taxes pay for three basic things - infrastructure, safety related items, and administration. Infrastructure includes libraries, roads, sewage lines, water lines, etc. Safety related items...
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Do you pay taxes on a house buyout?
You pay tax on the profit from a sale. And get a tax benefit from a loss.
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Do you have to pay taxes on a house insurance pay out?
No. You are being reimbursed for a loss. It would be like if you lost your wallet and someone returned it, you don't pay taxes on the cash you got back.