-I have heard that if your home/property is owned by an llc or a corporation, you can write that property off as tax deductible. Is this true? If so how do I go about doing this to avoid paying property taxes either partialy or completely?Yes you can write off the maintenance of a business property, as well as the morts age interest payments on it, but then you can write off interest on your primary residence too. This would not keep you out of paying property taxes, just help you to offset them with other deductions on your income taxes.
All this being said, you would have to actually use your property for business to do this, otherwise it would be tax fraud and you could end up in prison. It's better to just pay your taxes than go in prison.... Ask Wesley Snipes.
If this is your home, you have property taxes and a homestead exemption. If you itemize, you can deduct the property taxes.
If this is property that is not your home, you have the SAME property taxes and no homestead exemption. The LLC or corporation can only deduct the taxes if is renting it out--and renting it to you doesn't count.
The only way not to have to pay them is to not own property in Texas.
As Texas has not income tax, its property taxes tend to be high.
Also, when it comes to taxes, the phrase "I have heard......." is normally followed by incorrect information about 98% of the time.
The only way to avoid property tax in Texas is to have the property belong 100% to a not-for-profit corporation. The hassle of obtaining 501c(3) status and maintaining that status far outweighs the property taxes you'd pay.
if you don't want to pay property taxes, don't buy property
the LLC could purchase property but it still would pay the taxes on it
an LLC pays taxes just like any other taxpayer
Make an appointment with a Tax Attorney. Highly unlikely.
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