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Printable Form 8824 Fulton Georgia: What You Should Know
Get Started with the Lake Shore Realtors Ass'n — your Lakeland county agency The Lake Shore Realtors Ass'n is the official real estate agent in Fulton County, Georgia, providing fair market value appraisals, residential loan applications & home sale assistance. Our experienced team of agents specializes in Lake Shore homes, condos, condos with pool and grille rentals, condominiums in the Atlanta suburbs, and homes in other surrounding areas. Fulton County Board Of Assessors Fulton County Board of Assessor Fulton County Board of Assessor Fulton County Board of Assessors Fulton County Board of Assessors Fulton County Board of Bearing in mind that the first 2,800,000 of a tax-exempt investment property's purchase price is included in the sale price and thus must be included in the property's current income (taxable income), you would have an 8,100 loss on the sale of the tax-exempt property. However, you would not be on the hook for the entire sales price of the property (even if you sold it for 8,100,000), because you would still have 2,800,000 tax-exempt income. So for example: Lets say you bought 5,400,000 of tax-exempt property and paid 1,800,000. (Your profit on the 5,400,000 is 2,400,000. (See Example 9).) Let's also assume you sold it at a 10,000 profit (Your profit on the 10,000 sale is 2,000,000. ) In this case your income tax would be. . . 1,700,000. So your effective tax would be 0. In reality, however, if the 10,00 loss is not fully passed on, the taxable income for your tax liability will be zero or negative. Taxable Income Exempt income is taxed at the federal level and the state level in Fulton County. See GA Code, Title 23, Section 12-33-903 for more detailed information. For property tax purposes, we use a 1.00 exemption basis per dollar of assessed value. For example, let's say a 10,000 (10%) tax-exempt purchase price on a 200,000 property is 5,400,000.
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