Please respond to emily with 150 words
Name: Emily
Date: 11/28/2022
Class: BRE 101 85363
OverviewChapter 11 discusses the different types of taxes involved in real estate. Chapter 12 discusses Investment in properties or businesses and other broker-related fields we may be interested in doing in the future.
Key Concept from Chapter 11 One of the key concepts I learned is that there are many different types of taxes. Some of the commonly known taxes are State and Federal income tax (Pages 386-388). There are also taxes that are not regularly known. For example, the Documentary transfer tax (384-385). This tax is applied to the consideration paid or money borrowed.
Key Concept from Chapter 12 One of the key concepts I learned from chapter 12 is about investment. The benefits (406-408) include cash income and tax benefits. I also learned some things to consider is stability and potential refinancing (408-409).
Key Concept from Chapter 11 or 12In chapter 11 it discusses the limitations of taxes. For example, on pages 374-375 it discusses proposition 13. This sets a limit of tax to be 1% of the selling price or market value. some other limitations may include property value, location, occupants, or client’s income or age. Some other examples of these are propositions 60 and 90 (374), special assessment tax(383), or capital gains(391).
Summary
These key concepts are helpful to me because I plan to invest in properties and I will know what to look for. I also believe it is important for an agent to have knowledge in taxes and some of their regulations that vary with each client and property.
For This or a Similar Paper Click Here To Order Now
