el_roachmeister[at]yahoo.com writes:
- quote -

Not legally.

Of course, once you're fine with committing fraud and
disobeying the law, all bets are off, I suppose. Hope
that's not indicative of how you plan to treat your tenants.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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el_roachmeister[at]yahoo.com at el_roachmeister[at]yahoo.com wrote:
- quote -

If that is the deal they offer you, yes. A lot of people
have made this same assumption with the IRS when claiming
deductions or exemptions that are clearly wrong. In recent
years, the IRS has often been so moved by this argument as
to get the Justice department to file criminal charges that
can take your freedom. I disagree that this is obscure and
most county auditors are a lot less forgiving to "rental
property investors" than they are with individual tax
payers.

- quote -

I am not aware of any growing movement to accept ignorance
of the law as a defense in court. Suppose you got convicted
of a crime in relationship to this? Even with a suspended
sentence that did not impact your immediate freedom, how
would you answer the future question, "Have you ever been
convicted of a crime?" It appears on a surprising
applications for things you might want to do, like become an
airport screener, CPA, get a securities license, be a
teacher, run for sheriff, even travel to foreign countries
like Zimbabwe. This kind of thing can come back to haunt
you.

All freely provided advice guarantee correct or double your
money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

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Harlan Lunsford wrote:

- quote -

What if I don't tell them? Can't I just claim ignorance of
this obscure law and pay whatever is owed with interest
penalty? I would guess most people who rent out property
when they transfer are not aware they are responsible for
telling the county office.

Now that I know, I will certainly do it , especially since I
may be renting out more properties in the future.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

In my state rentals tend have lower assesments
and taxes. There is no owner-occupied discount
sometimes called the homestead exemption.
Rentals are considered in worse condition,
hence the lower value.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

el_roachmeister[at]yahoo.com wrote:

- quote -

You have to inform the taxing authorities.

- quote -

Yes you are.

- quote -

These questions should be asked of your county auditor, the
person who is responsible for administering property taxes.
This is different in every county and every state.

All freely provided advice guarantee correct or double your
money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

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<el_roachmeister[at]yahoo.com> wrote
- quote -

Probably based on the value of the property (it seems to
work like that), but you will likely lose your "homestead"
exemption, so the final bill will be higher than
owner-occupied property bills.

Ever try asking the county?

- quote -

They probably have their ways. I'm thinking utility bills
(from the city/county), voter registration (also generally
at the county), school records (also available to the
county).

I imagine the penalties for fraud is steep.

- quote -

You probably should.

- quote -

Generally the homestead exemption (or lack of it) is set
each year, so as-of the "set" date (in my county it's the
first of the year), if it's rental property, it'll not be
available for homestead until next year.

IE: The tax bill will not include the exemption amount for
that calander year.

Check with the county on the homestead schedule

- quote -

Generally not anywhere that I've seen. The exemption is for
the calendar year.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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el_roachmeister[at]yahoo.com wrote:

- quote -

These are question for your local tax office.

But in general, the homestead exemption ceases when you rent
the property. The next tax bill will so reflect.

Consequently when use changes back to homestead, the assessment
will be reduced the NEXT time around (not pro rated).

You are responsible for telling them, sure. And don't forget.

ChEAr$,
Harlan Lunsford, EA n LA

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<el_roachmeister[at]yahoo.com> wrote:

- quote -

This is going to depend on state and local law. You can
either research it at the county, ask a lawyer, or call the
assessor's office.

--
Phil Marti
Clarksburg, MD

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If I rent my property out for a one year how are the
property taxes assessed? I know the rate is meant to be
higher for non-owner occupied but how do they know if
something is non-owner occupied? Am I responsible for
telling them? And what if I decide to move back in after the
lease expires? Is my property tax adjusted for being owner
occupied for part of the year?

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >