Unit 11 CA Real Estate Principles
Gift tax is payable when the total value of gifts to an individual in one year is more than
$15,000
A lien in the amount of tax due is placed on all assessed real property on
January 1
The property year tax runs from
July 1 through June 30
Person S gave a friends $15,000 for tuition at Old Ivy, sending the money directly to the school. Must a gift tax return be filed?
No, because this is not considered a gift
Person M died in 2019, leaving only a separate property estate valued at only $500,000. Must an estate tax return be filed?
Yes
When all past due property taxes are paid, the county tax collector issues
a certificate of redemption
The sale of a homeowner's residence is
a reassessment event
A benefit assessment also may be called
a special assessment
The buyer of property at an auction by the tax collector receives
a tax deed
Property taxes are ad valorem taxes, which means that they are
charged in relation to the value of the property taxed.
For 2019, all of the following were deductions from a homeowner's gross income for purposes of federal income taxation except
depreciation based on a 50-year schedule
A deed may show on its face that which of the following taxes was paid?
documentary transfer tax
In California there is a state sales tax on
fixtures sold as part of a business
With respect to investment property, an investor can make use of
mortgage interest deductions from property income
Property that can be depreciated for income tax purposes is called
recovery property
The state of California collects
state income tax
The rate of federal income tax paid depends on the taxpayer's
tax bracket
Sales and use taxes are the responsibility of
the California Department of tax and fee administration
The use of property assessments was expanded by
the Franchise Tax Board
a gift is made
when an individual voluntarily transfers property for anything less than its fair market value