Big News | New Tax | Federal excise duty levied on sale of property | How can we pay FED Tax скачать в хорошем качестве

Big News | New Tax | Federal excise duty levied on sale of property | How can we pay FED Tax

Big News | New Tax | Federal excise duty levied on sale of property | How can we pay FED Tax #fedtax Contact Us: 📞 : +92 300 1060608 Call SMS & WhatsApp ( Preferred ) 🏢 : MB-45, 2th Floor, DHA Phase 6, Lahore Cantt. 🌐 : www.BalaajRealEstate.com 📧 : [email protected] 🔣 : Facebook: @DHALahoreBalaajReal Estate Federal Property Tax Overview The Federal property tax, unlike state and local property taxes, is not imposed directly on real estate or tangible personal property by the federal government. Instead, the federal government's involvement with property taxes primarily relates to policies, regulations, and tax benefits that impact property ownership. Tax Deductions: Property owners may deduct state and local property taxes on their federal income tax returns. This deduction can reduce the overall taxable income, lowering the federal tax liability. However, the Tax Cuts and Jobs Act of 2017 imposed a cap on the amount of state and local taxes, including property taxes, that can be deducted. Capital Gains Tax: When a property is sold, the profit from the sale may be subject to capital gains tax. The federal government imposes this tax on the increase in value of the property from the time of purchase to the time of sale. Primary residences enjoy certain exclusions, allowing homeowners to exclude a significant portion of the gain from taxation under specific conditions. Depreciation: For income-generating properties, such as rental properties, owners can depreciate the property over a certain period. This allows for a portion of the property's value to be deducted annually as a business expense, reducing the taxable income on a federal level. Estate Tax: The federal estate tax can impact property owners upon their death. If the total value of an estate, including property, exceeds a certain threshold, it may be subject to federal estate taxes. Strategies such as gifting, trusts, and charitable donations can help mitigate these taxes. Mortgage Interest Deduction: Homeowners can deduct the interest paid on mortgage loans up to a certain limit on their federal income tax returns. This deduction aims to encourage homeownership by reducing the cost of borrowing. #DHA #DHALahore #Property #realestate #Tax #Fbrtax #fedtax #Propertytax #FBR #realestatepakistan #pakistanproperty #balaajrealestate