Sale Priced How does county property assessment tie into the sale price of a home?
Looking in Prince William County Virginia. Does the property assessment from the county have anythinig to do with the appraisal from the bank when buying a home? I ask because I came across the county's site that shows the value of the homes as of this past January and the assessment is significantly lower than the sale/listed price of the homes, one of them was more than double. Should I not be worried about the county's assessment of the property?
Assessed value does not determine market value. However, you should be aware that in many locations the property is reassessed upon sale, so the assessed value (and thus, taxes) could increase from what they are now.
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Equitation / Show jumper for sale. Priced to sell!
How do I account for installment sale / contingent payment sale with no maximum sales price specified?
I sold a software copyright on a contingent payment sale -- $30k upfront, plus 50% of revenues over a 3 year period. There is no maximum price specified in the contract. What do I put on form 6252 (installment sale), line 5 for the sales price, since that is not known in this tax year? Best I can tell, I'm supposed to provide an estimate, or fair market value. Is that correct?
Dear AA: You need a number. See IRS Pub 537 and the "Indefinite selling price", basicly there is no limit on taxable gain.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
