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10 Cards in this Set
- Front
- Back
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The most difficult tax to avoid is the |
Real property tax |
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The month of November December and February and April relate to |
Real property taxes |
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What did proposition 13 provide for |
A. It set a maximum tax rate B. It’s assessments for property acquired before 1978 back to the value on the 1975 tax roll C. The tax can be increased 2% per year D. The answer is all of these |
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The proposition that allows a tax assessment for certain homeowners to be transferred from one county to another is proposition |
Proposition 90 |
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The homeowners property tax exemption is |
7000 from assessed valuation |
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Depreciation for a residential property uses |
A. The straight line method B. Eight 27 1/2 your table D. Both ANB |
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To have a tax deferred delayed exchange which of the following is required |
A. The exchange property must be identified within 45 days after the tax payer relinquish is his property B. The sale must be completed within 180 days after the taxpayer relinquishes his property C. Both of these |
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To have a 1031 tax deferred exchange you need all of the following except |
A. Like for like properties C. A trade of investment real property for investment real property D. To hold property after the exchange in the same manner as you held property going into the exchange The above are all true |
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Albert wants to exchange property with Baker which would be boot to Albert in the exchange |
Cash received by Albert to balance the equities |
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A homeowner can receive preferential tax treatment by |
A. An interest deduction B. Use of the universal exclusion C. A property tax deduction D. The answer is all of these |
