Taxes | Paces Funding

29 04, 2018

Standard Deduction Increases for 2018, Freeing Up Some Extra Cash For Renters, Home Buyers

Paces Funding2024-06-17T12:47:13-04:00April 29th, 2018|Categories: Hard Money, Investment Properties, Taxes|

Just a heads up: This year, changes to the federal tax law bring increases to the standard deduction that people can use when filing their 2018 taxes. Most Americans, including renters and home buyers of your investment properties claim the standard deduction, avoiding the hassle of itemizing on their federal tax returns every year. For 2017, the standard deduction for a married couple was $12,700. Next April, the standard deduction for the same couple will be $24,000. Generally, this means a lower tax liability for the average renter or home buyer. Additionally, the Child and Family Tax Credit doubles per

17 04, 2018

Paying North Carolina Property Taxes Online

Paces Funding2024-06-17T12:47:18-04:00April 17th, 2018|Categories: Taxes|Tags: paying property taxes online|

In North Carolina, property tax gets paid to the counties. The property gets assessed locally. You won't see a property tax bill from the North Carolina Department of Revenue. In most counties in North Carolina, the tax lien date is January 1, so if you own the property as of that date, you're the one liable for paying the property tax. Still, the N.C. Department of Revenue exercises general and specific supervision over the taxation of property in the whole state. North Carolina General Statute 105-289 covers that. The N.C. Department of Revenue's Property Tax Division holds the responsibility of

13 04, 2018

Tax Cuts and Jobs Act Allows Business Owners A Tax Break On Roofing Projects

Paces Funding2024-06-17T12:47:41-04:00April 13th, 2018|Categories: Business, Commercial, Construction Loans, Income, Investing, Investment Properties, Taxes|Tags: Tax Cuts and Jobs Act|

Consider this: The Tax Cuts and Jobs Act offers business owners a new way to recover costs on projects including roofing projects as long as it's on a qualifying project. What is a Qualifying Project? A depreciable tangible personal property purchased to use to conduct business counts as a qualifying project. The new Tax Cuts and Jobs Act lets businesses avoid devaluation on capital investments with expected lifespans of 20 years or less. So, while some roofs may last longer that 20 years, Everyone knows the lifespan of an asphalt shingle roof is considered 20 years. Plus, the maximum investment

8 04, 2018

North Carolina Disabled Veterans Homestead Property Tax Relief

Paces Funding2024-06-17T12:47:42-04:00April 8th, 2018|Categories: Taxes|Tags: property tax, veteran benefits|

We have worked with many veterans interested in flipping houses or purchasing rental properties. So, we like to pass along information that might benefit veterans when we come across it. Did you know that in North Carolina, veterans with a 100 percent total and permanent disability might qualify for a nice sizes property tax benefit? As usual, veterans seeking a benefit like this must have been honorably discharged. Unlike some other programs though, there is absolutely no age or income requirement for this North Carolina program. So, even if you are making good money on your rental home, you can

17 03, 2018

How To Appeal The County Assessor’s Property Value In North Carolina

Paces Funding2024-06-17T12:48:11-04:00March 17th, 2018|Categories: Flipping, Foreclosures, Investing, Investment, Investment Properties, Investments, Taxes|Tags: North Carolina property tax|

North Carolina’s property tax is “ad valorem,” so you're taxed based on the property value. But what happens when you disagree with the county assessor? The assessor revalues properties within the county at least every eight years. So, if you get a wrong value placed on your property, you could be paying the wrong tax on it for the next eight years! It's partly your responsibility to check your assessed value, if you own property. The good news is there is recourse. If you disagree with the assessment, you can appeal it. Imagine being over taxed for your property

14 03, 2018

North Carolina Property Tax Comparison By County

Paces Funding2024-06-17T12:48:12-04:00March 14th, 2018|Categories: Hard Money, Investment Properties, Leasing Your Property, Taxes|Tags: North Carolina property tax by county, property taxes in North Carolina|

If you're thinking of flipping houses or maintaining investment real estate in North Carolina, you should know that the state has one of the lowest median property tax rates in the country. Only 14 states have a lower median property tax. On average, North Carolina counties collect an average of 0.78 percent of a properties assessed fair market value. To put this in perspective, the median property tax in North Carolina for a home worth $155,500, is $1,209 each year. North Carolina’s property tax is "ad valorem." In other words, it's based on the value of the real estate property. The

3 03, 2018

North Carolina Property Tax Relief: Who Qualifies?

Paces Funding2024-06-17T12:48:36-04:00March 3rd, 2018|Categories: Hard Money, Tax Foreclosures, Taxes|Tags: North Carolina property tax, Property Tax Relief|

Do you have a loved one in North Carolina struggling with property taxes? Well, some North Carolina homeowners qualify for one of three programs offering property tax relief. You might want to look into this for them. Low-Income Homestead Exclusion Qualified low-income homeowners can apply for property tax relief through the State of North Carolina at their Assessor's Office between January 1 and June 1 each year. Qualifying homeowners receive an exclusion of the taxable value of their residences of either $29,500, or 50 percent (whichever is greater). Disabled Veterans Homestead Exclusion Honorably discharged veteran homeowners, certified by the U.S Department of Veterans

3 11, 2016

Fulton County Tax Foreclosure Sales (and How to Find Them)

Paces Funding2016-11-03T10:00:04-04:00November 3rd, 2016|Categories: Business, Foreclosures, Hard Money, Investing, Investment, Investment Properties, Investments, Private Lending, Tax Foreclosures, Taxes|Tags: Atlanta, atlanta hard money lender, Auction, Buy Cheap Properties, Buying a Tax Foreclosure, Fulton County, Hard Money, Hard Money Loans, Real Estate Investing, Tax Foreclosure Sales, Tax Foreclosures|

In the state of Georgia, it’s legal for the government to seize property, such as homes and land, for the nonpayment of taxes. According to the Georgia Department of Law, a homeowner’s obligation to pay property taxes is backed by the property itself. If a homeowner fails to pay, the county tax commissioner can sell the home to raise the amount due back in taxes. Often these homes sell for exceptionally low prices—but how does the whole process work? How Does a Property Get Seized? When a homeowner’s property taxes are past due, the tax collector can proceed through a

9 09, 2016

3 HUGE Real Estate Tax Mistakes

Paces Funding2016-09-09T10:00:37-04:00September 9th, 2016|Categories: Taxes|Tags: Filing Your Taxes, Real Estate Taxes, Tax Mistakes, Taxes, Taxes for REIs|

Disclaimer: We do not provide tax, legal or accounting advice. This post has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisers before engaging in any transaction. Filing taxes as a homeowner is not rocket science—it just feels like it. You may qualify for all of the basic deductions, but many others aren’t so obvious, and that’s when the mistakes occur and the IRS slaps you with an audit. If you want to maximize your tax benefit as a

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