Tax And Your Property Transactions - IRD

1y ago
837.53 KB
29 Pages
Last View : 4d ago
Last Download : 1y ago
Upload by : Jerry Bolanos

IR361May 2020Tax and your propertytransactions

Tax and your property transactionsird.govt.nzGo to our website for information and to useour services and tools.Log in or register for myIR - manage yourtax and entitlements online.Calculators and tools - use our calculators,worksheets and tools, for example, to checkyour tax code, find filing and payment dates,calculate your student loan repayment.Forms and guides - download our formsand guides.Forgotten your user ID or password?Request these online from the myIR loginscreen and we'll send them to the email addresswe hold for you.How to get our forms andguidesYou can get copies of our forms and guides

Tax and your property transactionsird.govt.nz3IntroductionProperty tax can be complex. The unique situation of each property transaction needs to beconsidered when working out any tax implication.This guide gives an overview of possible tax issues related to property transactions, but isn't acomprehensive property tax resource. We recommend you talk to a tax professional if your situationisn't covered in this guide or you're unclear about anything.Any of these situations could apply to a property transaction. You:make a gain or loss from property speculating or dealingmove from property investment into property dealing when prices are risingare a property dealer and you hold and rent properties during a downturnare a first-time landlord and don't think about the tax implications of renting your propertyare a shareholder or an owner of an interest in a look-through company (LTC) or partnership thatowns a rental propertybuy an investment apartment with a managed lease and later change the rental arrangements orsell itsell a rental property you've claimed depreciation onbecome a dealer because you've made a number of purchase and sale transactionsapply for GST registration when you buy property for dealing or speculationpurchase a property on or after 1 October 2015 through to 28 March 2018 inclusive and sell itwithin two yearspurchase a property on or after 29 March 2018 and sell it within five years.NoteProperty means land (including a bare section) and buildings, options or interests in "off-the-plan"properties.Purchase means any form of acquisition of the property including transfers or gifts.Sale means any form of disposal of the property including transfers or gifts.If you're in any doubt concerning your property dealings, we strongly recommend you talk to a taxprofessional.The information in this guide is based on current tax laws at the time of printing.

Tax and your property transactionsContents3Introduction5What kind of property buyer are you?7Property speculation8Speculators claiming the deduction for the purchase of a property9Claiming a loss from property dealing or speculation10When rental property investment becomes rental property dealing13Unplanned rental income14Special tax rules for those in property-related activities15Property transactions and associated person rules17Living in a property owned by your LTC, company, partnership or trust19GST on apartment purchases and sales20GST claims on property purchases21Depreciation recovered on rental properties23Bright-line test for residential property26Tax on property transactions28Putting your tax affairs right29Useful informationird.govt.nz4

ird.govt.nzTax and your property transactions5What kind of property buyerare you?Property investor is a collective term forproperty speculators, dealers and investors.However, they're each treated very differentlyunder tax law.In this guide we refer to speculators, dealersand investors and the bright-line test.Four main factors can determine your status asa property buyer for tax purposes:your intention when you buy a propertythe patterns of your previous propertytransactionsyour association to a builder, property dealeror developerthe bright-line test for residential property.An investor – buys a property to generateongoing rental income and not with any firmintention to resell it. The property is a capitalasset and any profit or loss from selling theproperty is capital and not taxable (apart fromclawing back any depreciation, which is nowrecoverable).The rules may be different if you've beenassociated with a person or entity involved inthe business of building, dealing, developing orsubdividing land.However, if you purchased the property andsell it within five years (two years for propertiespurchased on or after 1 October 2015 throughto 28 March 2018 inclusive) the sale may betaxable under the bright-line test.The bright-line test only applies to propertiespurchase on or after 1 October 2015.A speculator – buys a property alwaysintending to sell it. The property is treatedlike "trading stock" and any profit or loss fromselling the property is taxable. Speculating canbe a one-off purchase and sale of a property.Speculators may also receive rental incomefrom the property before they sell it.A dealer (also referred to as a trader) – similarto a speculator buying properties for resale.The difference is there's an established regularpattern of buying and selling properties.The category you fall into isn't determined bywhat the property is called or how the activityis described. For example, it may be marketedas a "rental investment" with strong "capitalgain" potential, but your firm intention or priorpattern is the factor that determines its taxtreatment if you're involved in or associatedwith someone in the business of building,dealing, developing or subdividing land.It's important to note that only one of yourfirm intentions needs to be resale for you tobe potentially classified as a speculator ordealer. For example, buying a property as an"investment" with a plan of holding it for nowand selling it in a few years would likely putyou into the speculator or dealer category.Simply renting a property doesn't automaticallyexclude you from paying tax on the sale.Investors, dealers and speculators may all rentout their properties from time to time.

Tax and your property transactionsUnder the bright-line test, any purchase andsale of a property within five years (two yearsfor properties purchased on or after 1 October2015 through to 28 March 2018 inclusive) maybe taxable, even if it's not taxable as part ofyour property business.Understanding your property investmentstrategy will help you decide your status. Forexample, the "buy and hold" approach mostlikely means you're a property investor for taxpurposes.Or there's the "buy and flick" strategy. Thisapproach most likely means you're a propertyspeculator or dealer for tax purposes.Investors investigate and analyse future revenuestreams, and any gain made on the sale ofthe property is incidental. Their investmentis soundly based on a return from the rentalincome.Property dealers or speculators try to predictthe property's future price movements becausethat's what the deal rests on. Any rental incomeis secondary.Your status may differ between propertiesand it may change over time as the propertymarket rises and falls. You may have bought aproperty described as a good investment whenyour intention was actually related to propertytrading.If you're not clear about your reasons for buyinga property, and any possible tax issues involved,read our guide Buying and selling residentialproperty - IR313 or talk to a tax professional.ird.govt.nz6Bright-line test for residentiallandIf you buy a property on or after 1 October2015 through to 28 March 2018 inclusive andsell it within two years, or you buy a propertyon or after 29 March 2018 and sell it within fiveyears, you may have to pay tax on any profit,no matter what your reason was for buying theproperty. This is called the bright-line test forresidential land.If your property isn't taxable under any of theinformation in pages 7 to 22 of this guide, itmay still be taxable under the bright-line testfor residential property (see page 23).

ird.govt.nzTax and your property transactions7Property speculationIf you're buying and selling property other thana private family home, we recommend you getadvice from a tax professional.Number of properties to beconsidered taxableYou might think profits from selling propertyare always capital gains so you don't have to paytax on them. But this isn't always true. If one ofyour reasons for buying a property is to resellit, whether you live in it or rent it out, you'respeculating in property and your profit is likelyto be taxable. And, if you sell that property at aloss, the loss may be tax-deductible.There's no set number of properties you canhave before they become taxable. In somecases the first property bought and sold maybe taxable if you bought it for resale. In othercases there could be a number of factors, suchas having a regular pattern of buying and sellingproperty, before property income is taxable.Your family/private homeBuying and selling your family/private homeusually has no tax consequences.If you buy a family home intending to resellit, and do this regularly to earn income oryou have a regular pattern of buying andselling your family home, this could be seenas property dealing or speculation for taxpurposes.Holding onto a property forcapital gainIf you buy a property with the firm intention ofresale, it doesn't matter how long you hold it –the gain on resale will be taxable (and any lossmay be tax-deductible).For example, you buy a property with a firmplan to resell it for a profit. The property marketfalls and you decide to hold onto it instead. Yourent it out for 15 years and then sell it when theprices are again rising rapidly. Any gain on thatsale 15 years later is likely to be taxable.The factors looked at will vary because eachtaxpayer's circumstances are different. Forexample, buying one property every two yearsmay be considered a regular pattern for oneindividual and not another.

Tax and your property transactionsird.govt.nz8Speculators claiming the deductionfor the purchase of a propertyIncome taxFor income tax, the purchase price is treatedlike trading stock, except the purchase pricemay only be claimed in the same income yearas the resale of the property.GSTIf you're in the business of property speculationand you're registered for GST for that activity,you're entitled to claim GST on the purchase ofproperties used in your property speculationactivity.For more detail, read our GST guide : Workingwith GST - IR375.Some confusion can arise when GST is claimedon the first property purchased for speculation.This is because you usually have to demonstratea regular and continuous activity. Often, buyinga single property won't satisfy this test.There may be times when you can't claim GSTon a property – see page 20.If your intention at the time you buy a propertyis to resell it, talk to a tax professional aboutany tax consequences. You may need to filean Individual tax return - IR3 and declare anyprofit from the sale as income, or work out thetax implications if you sell the property at aloss.If you think you should have paid income taxon the sale of a property but didn't, pleaseread our guide Buying and selling residentialproperty - IR313 or get advice from a taxprofessional.And if you've filed an incorrect tax return, it'sbest to tell us about it. Please read our guidePutting your tax returns right - IR280 to findout how to make voluntary disclosures.

Tax and your property transactionsClaiming a loss from propertydealing or speculationWorking out if you can claim a loss from aproperty transaction is similar to working out ifa profit is income or not.If you're a speculator and buy property withthe firm intention of selling it, but then make aloss on it, the loss is likely to be tax deductible.You'll need to take into account other generalrules covering the deductibility of expenses orlosses. You can only claim the loss on a propertywhen you sell it.If you're a dealer, the loss is also likely to bedeductible, provided you buy the property forthe dealing activity.Some people, who didn't see themselves asproperty dealers or speculators when theymade profits from their property transactions,may take a different view when they makelosses.However, we don't just look at a one-offtransaction when considering losses claimed.We review all your past property transactionsto see how the profits or losses were treated fortax purposes.If you're considering claiming a loss on aproperty transaction, we strongly recommendyou talk to a tax professional.ird.govt.nz9

ird.govt.nzTax and your property transactions10When rental property investmentbecomes rental property dealingOwning rental property doesn't automaticallyexclude you from paying tax when you sell it.Depending on the reason you bought theproperty or on other factors, like carrying ona property-related business, you may be aspeculator or dealer.When housing prices are on the rise, "get richquick" property schemes are often describedas property investment, when they're reallyproperty dealing or speculating schemes.Some property schemes are described asproducing capital gains, which aren't taxable,rather than producing income, which is. Youneed to consider several factors to work outif profit from property sales is capital gains orincome:your intentions when you bought thepropertywhat you actually used the property forif you have a regular pattern of buying andselling propertywho you're associated with.If you change from investor to dealer your taxsituation changes too. Properties bought beforethis change may not be affected.Different outcomesAn investor buys a rental property to generaterental income.A dealer or speculator buys a rental propertywith a firm intention to make a gain from theincrease in its value.A dealer is anyone with a regular pattern ofbuying and selling properties. This includesrental properties.To be a speculator, you need buy only oneproperty, firmly intending to resell it.Investors pay income tax on their net rentalincome but generally, not on the eventual saleproceeds of the property.Dealers and speculators must pay income taxon any gain they make from reselling theirproperty. If they have a loss, it may be taxdeductible. They must also pay tax on thenet rental income they may earn from theproperties.If you're counting on the rental of yourproperty to provide a positive return on yourinvestment (even if expenses may at first begreater than the rent you get), you're likely to bean investor. But, if you buy a property intendingto resell it, or if you intend to sell it aftermaking improvements to it, you're likely to be aspeculator. Renting your property temporarilydoesn't change your tax treatment either –you're still a dealer.

ird.govt.nzTax and your property transactionsStill can't decide?Ask yourself, "Is the property going to give mea return on my investment, or will it only giveme a positive return when I sell it at a profit?".You may receive some income from renting theproperty but if, from the outset your real reasonfor buying the property was to sell it at a profit,you're a speculator.11Once you're a dealer (or associated with one),special rules apply. Any profit may be taxable ifyou own any properties whether or not for thepurpose of dealing, and:sell any property that is part of the assets ofthe activity of dealing, orsell any other property within 10 years ofbuying it.Some investors may find the returns frombuying and selling rental properties are muchhigher than the actual rental income thoseproperties can provide, so they switch frombeing investors to dealers.This applies to all properties you buy from thetime you begin dealing to the time you ceasedealing, and includes rental properties.If you start dealing in rental properties, anyprofits on your sales from the time you becomea dealer are taxable.Rental properties don't qualify as a business forthis exclusion.This probably won't affect the sale of any rentalproperties you owned before becoming adealer, assuming you bought them to providerental income, not for resale.DepreciationSpecial rules for dealers andbuildersProperties sold as part of a property dealing orbuilding business are taxable in the same waytrading stock of a business is.Property dealers and builders (and thoseassociated with them), should also take extracare when dealing with properties that weren'tbought as part of their business activities ifthose properties are sold within 10 years.There are exceptions for some privateresidences and business premises.Changing from rental property investment torental property speculation or dealing can alsoaffect depreciation on your properties. Rentalinvestors can claim annual depreciation on thecost price of their property buildings, fitout andfurniture, but investors who hold property astrading stock can't claim annual depreciation –see page 21.NoteFrom the 2012 income year you can nolonger claim depreciation on rental propertybuildings.NoteFrom the 2021 income year depreciationon non-residential buildings has beenreintroduced. Refer to our guideDepreciation - IR260.

Tax and your property transactionsSwitching back to propertyinvestment from speculationor dealingProperties you bought as a dealer, builder ordeveloper are treated like trading stock and aretaxable when you sell them, regardless of anychange in your status.For example, if you buy a rental property whenyou're a dealer but decide to hold it and rent itduring a market downturn, any later gain on thesale will still be taxable, even if you're no longera dealer.If you intended to resell your rental propertywhen you bought it, talk to a tax professional.You may have to file an Individual tax return- IR3.ird.govt.nz12

Tax and your property transactionsUnplanned rental incomeAs a speculator or dealer, you may decide thetime isn't right to sell a property, so you rent itout instead. If you do this, there are implicationsfor income tax, and GST (if you're registered).Income taxYou'll have to include rental income in yourincome tax return. You may claim costs orexpenses associated with the rental. Newresidential property deduction rules apply tomost residential rental properties from the startof the 2019-20 income year, which for mostpeople ends on 31 March 2020. See our Rentalincome - IR264 guide for more detail.GSTGST-registered speculators or dealers, whoclaim a GST refund on the property whenthey buy it and then rent the property to aresidential tenant, need to make an adjustmentin their GST return to reflect this.If you buy a property for the principal purposeof making taxable supplies (in this case,property dealing/speculation, or commercialrents), but then use it for another purposeother than making taxable supplies (eg,residential rental), you must make a GSTadjustment.For details about making adjustments, seepage 18 of our GST guide - IR375.We advise you to talk to a tax professionalbefore renting out your property if it's a partof your normal dealing, especially if you're afirst-time renter.ird.govt.nz13

ird.govt.nzTax and your property transactions14Special tax rules for those inproperty-related activitiesSpecial tax rules may apply to you if you ownproperty and you or an associate are involvedin dealing in land, building and constructionwork, or in subdividing or developing land.For example, the amount of time you'veowned your property becomes an importantconsideration for tax purposes.Any profit from a sale maybe taxable if youor an associated person undertake any of theabove activities and:sell any property that is part of the assets ofthe activity of dealing, building etc, orsell any other property within 10 yearsof buying it or (for builders) completingimprovements to it, that was not used inyour business.These rules may apply to any properties boughtduring the period of your property-relatedbusiness activities, even if you sell a propertyafter you cease these business activities.There are exceptions to these special rules, eg,where the property you sell was used primarilyas your family/private home, or if you used itas your business premises, other than for rentalactivities.ExampleTrent started buying and selling residentialhouses in 2008. By the end of 2008, he hadestablished a regular pattern of buying andselling and was a dealer for tax purposes.Trent co-owns Trent Rentals Ltd, a companythat buys residential rental investmentproperties. In January 2010 the company buys arental property to hold and rent. In December2014, rentals in the area are falling and it sellsthat property. Income tax would not normallybe due on the profits from the sale, becausethe company bought it as an investment. But,because Trent Rentals Ltd is associated withTrent, who established himself as a dealerbefore this property was bought and it was soldwithin 10 years, Trent Rentals Ltd must pay taxon the sale regardless of the company's originalintention to hold it as a rental investment.To understand the special tax rules thatapply when you or an associate are dealingin property related activities, we stronglyrecommend you talk to a tax professional. Youshould get advice before selling any propertyyou have held for less than 10 years, if it isn'tpart of your or your associate's business.

ird.govt.nzTax and your property transactions15Property transactionsand associated person rulesIf you have an association with people incertain property-related industries, there maybe a tax impact on all or some of your propertytransactions, even if you're not personally aproperty dealer, developer or builder.These impacts could mean the difference in thegain from the sale of a property being treated astaxable income or as a non-taxable capital gain.The example on page 16 shows how theassociated person rules could affect you whenyou wouldn't have even considered such anassociation. So, if you're considering investingin property or selling your private residence,it's important you talk to a tax professional.Particularly if you think there is any possibilityof an association applying to you.How individuals can beassociatedThere are a number of tests used to workout if two persons are associated for landtransactions.Under the basic rules you are, for example,associated with:your spouse, civil union or de facto partneryour children (under 20 years old)a company you hold 25% or more marketinterest in (company and individual test)a company your spouse or children hold25% or more market interest in (theaggregation rule)a company where the combined holdingsunder all these rules totals 25% or moremarket interest in (the aggregation rule)a partnership, if you're a partner.Associated person rules may make a propertysale taxable when there's an association with:a property dealer when the property wasboughta property developer when the propertywas boughta builder when significant improvementsstarted on a property.NoteAssociated person rules changed for landacquired on or after 6 October 2009,widening some associations.If you're a trustee you're associated with:any settlor of the trust (and vice versa)a trustee of another trust where the trustshave a common settlora person with power to appoint or removea trustee.

Tax and your property transactionsExtended associationsYou can be associated to a third person, whereyou're already associated to a second personunder the above rules, and that second personis associated to the same third person under adifferent rule from the rule that associates youto the second person.This is called the "tripartite" test and usuallymeans that if person A is associated withperson B, and B with C, person A is alsoassociated with person C. There are exceptions,particularly in relation to the company tests,so it's important to talk to a tax professional ifyou're in doubt.ExampleKim is married to Bruce, a property developer.Kim is settlor and trustee of a trust, which ownsall the shares in Kim's family company.So, Bruce is associated to Kim under the tworelatives test. Kim is associated to Kim's trustunder the trustee and settlor test.Bruce is now also associated to Kim's trustbecause of his association to Kim as spouse andKim's association to the trust as settlor.Bruce is considered to hold what Kim's trustholds, which is 25% or more of Kim's company.So, Bruce is associated to Kim's company.ird.govt.nz16Any land transactions Kim's company makeswould be treated as if it were being made by aproperty developer (Bruce's occupation).For more information on the associated personsrules read Tax Information Bulletin Part II,Vol 21, No 8 (October/November 2009).You should talk to a tax professional if youthink any of the association rules may affectyou.

Tax and your property transactionsird.govt.nz17Living in a property owned by yourLTC, company, partnership or trustSome people buy or transfer a family homeusing a limited liability company, such asa look-through company (LTC) or trust orpartnership, including a limited partnership.This guide focuses on LTCs but the informationapplies equally to trusts or partnerships.The new residential property deduction rulesapply whether you hold the property yourself,or in a partnership, look-through company, orclose company. The rules also apply to trusteesof a trust who earn taxable income from aresidential rental property.Using an LTC for residential rental investmentcan be a perfectly valid structure. However, weconsider some LTC arrangements are made toavoid tax.Now, you can generally only deduct expensesfor residential property up to the amount ofincome you earn from the property for theyear. Any deductions over your income fromthe property are called excess deductions, mustbe carried forward to the next income yearyou earn income from the property (or otherresidential property).Problems arise when an LTC buys an LTCshareholder's family home, and shareholderscontinue to live in the home and claimdeductions (eg, interest, insurance, ratesand maintenance) for the property. In mostinstances this is considered tax avoidance.Expenses in relation to your private residence,whether owned by you, a company in whichyou're a shareholder, a trust in which you're abeneficiary or a partnership you're a partner in,are not deductible.You may think that if you continue to paymarket rent to the company you can continueto claim these LTC expenses against yourincome. However, we may still consider thearrangement to be tax avoidance.Penalties might applyTax avoidance carries penalties of up to 100%of the tax shortfall, and in some cases, suchas deliberately misleading Inland Revenueabout how the arrangement is set up, there'sa shortfall penalty of 150% for tax evasion.We may also consider prosecution.This means that rental property losses cannotbe used to reduce your tax liability for otherincome, such as salary and wages or businessincome.

ird.govt.nzTax and your property transactionsLiving temporarily in aproperty owned by your LTCFrom time to time a shareholder will moveinto a home owned by their LTC which theypreviously rented to tenants. There may begood reasons why they do this. For example:inability to find tenantsrelationship breakdownrelationships formed with tenantsrenovating or building your own home.But, if you live in the property and you'rea shareholder, you generally can't continueto claim what would otherwise be privateexpenses.Whether or not this structuring and claimingof resulting losses is considered tax avoidancedepends on a number of factors. For example,whether the arrangement is permanent ortemporary, and whether there are commercialfactors driving the decision to live in theproperty.Living with your tenants in aproperty owned by your LTCThe situation around tax avoidance is lessclear when both a shareholder/owner andother tenants live in an LTC-owned home. Theshareholder/owner's proportion of the expensesis generally not considered deductible. We lookat these arrangements on a case-by-case basis.18Asset protectionSome people claim the main reason for holdingtheir personal residence in a limited liabilitycompany is for asset protection rather than tominimise tax.In reality, these structures provide little or noasset protection. For shareholders to makeuse of LTC losses, they must hold the sharesin their own name. The market value of theshares of an LTC company that owns residentialinvestment property is equal to the marketvalue of the property and represents an asset tothe shareholder, less the mortgage. A creditorclaim equal to the current value of the propertyis possible.We look closely at the reasons for sucharrangements, but usually disregard the assetprotection argument when considering if anLTC arrangement is tax avoidance.If you're considering setting up an LTC to ownyour family/private home for tax loss claimpurposes, be aware that we consider thesetypes of arrangements to be tax avoidance.If you're moving into your LTC-owned propertyover the long-term, consider taking the homeout of your LTC.If you're moving into an LTC-owned propertyon a temporary basis, be careful not to claim adeduction for private expenses for the periodyou're in the home.We strongly recommend you talk to a taxprofessional with expertise in this area if you'reconsidering any of the above arrangements.

ird.govt.nzTax and your property transactions19GST on apartment purchasesand salesWhy do people register for GST when they buyproperty, particularly apartments?If an apartment is being used for short-termstay accommodation (ie, less than four weeks)the rental income may be taxable supplies forGST purposes.Many apartments are sold as "going concerns"with management leases and guaranteed rentalarrangements in place at the time of purchase.No GST is paid or can be claimed on aproperty sold as a going concern, providedcertain conditions are met, ie, both parties areGST-registered and the management leasesand rental arrangements remain in place. Thetransaction is defined as "zero-rated" for GST.However, the future sale will be subject to GSTu

9 Claiming a loss from property dealing or speculation 10 When rental property investment becomes rental property dealing 13 Unplanned rental income 14 Special tax rules for those in property-related activities 15 Property transactions and associated person rules 17 Living in a property

Related Documents:

the Illinois Property Tax Code (35 ILCS 200/1-1 et seq.) at Property tax defined Property tax is a tax that is based on a property’s value. It is sometimes called an “ad valorem” tax, which means “according to value.” Property tax is a local tax imposed by local government taxing districts (e.g., school districts,

Stamp Duty 83 Tax Payments and Tax Return Filing 85 Monthly tax obligations, Annual tax obligations, Early tax refunds Accounting for Tax 91 Tax Audits and Tax Assessments 93 Tax Collection Using Distress Warrant 100 Tax Dispute and Resolution 102

New York State Withholding Tax Tables and Methods Effective July 1, 2021 The information presented is current as of the publication’s print date. Visit our website at for up-to-date information.File Size: 278KBPage Count: 22Explore further2020 tax Income Tax Withholding Tables Changes & Exampleswww.patriotsoftware.comWithholding tax forms 2020–2021 - current tax amount to deduct and to you b

401(k) 457 Roth IRA Traditional IRA Lower tax bill now! Tax-free growth! Tax deferred growth! Tax deferred Tax deferred After-tax deposits May be tax-deductible Pay income tax Pay income tax Tax-free Pay income tax when withdrawn when withdrawn withdrawals when withdrawn Deposits Payroll-deduction (if allowed by employer) Rollovers

Town of Essex 2020 Property Tax Rates by Ward and Property Class Ward and Property Class Town of Essex - Base Municipal Tax Rate Town of Essex - Urban or Rural Tax Rate Town of Essex - Garbage Collection and Disposal Tax Rate Essex Centre Business Improvement Area Tax Rate Total Town of Essex Municipal Tax Rate County and Library Board Tax Rate .

Ad Valorem Tax Representatives Conference Property Tax Assistance Division Update March 10-11, 2021 Property Tax Assistance Division. Texas Comptroller of Public Accounts. 2. 3. Property Tax Basics in Texas Texas has no state property tax. Property taxes are locally assessed.

Tax & Accounting CCH Axcess Tax and CCH ProSystem fx Tax Forms and States Supported for the 2019 Tax Year CCH Axcess Tax and CCH ProSystem fx Tax are the most comprehensive tax preparation and compliance software systems in the industry, providing hundreds of automated forms and

Reference list The reference list must have the title word References, which should capitalised, in bold and centred. The reference list should contain full details of all the sources mentioned in your text, arranged alphabetically by surname of first author. List entries should be double-spaced (both within and between entries), and the first line of each reference is flush left with .