Question Details

Jon, Home Buyer in Saint Petersburg, FL

If I am a Texas resident and buy a rental property in Maine, will there be a Federal property tax?

Asked by Jon, Saint Petersburg, FL Mon Jun 16, 2008

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You will have to pay local real estate taxes and property gains taxes. I have never heard of a federal property tax.
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0 votes Thank Flag Link Mon Jun 16, 2008

In general, there is no such thing as a Federal Property Tax. However, you'll still have Federal income tax associated with the income from the rental property. And you could have not only Federal taxes, but income taxes and property taxes within the state, county, and/or city in which the rental property exists. Locate a good tax accountant who knows the taxing issues in the location in which you intend to purchase your property.


0 votes Thank Flag Link Mon Jun 16, 2008
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