Advertisement
HomeCollectionsFair Market Value
IN THE NEWS

Fair Market Value

NEWS
December 15, 2009
Richard Landis is on the right track, battling the Maryland Sate Department of Assessments and Taxation to get fair market value for his Anne Arundel County home. ("Buyers find relief to costly hints of homes' past worth," Dec. 13). Mr. Landis paid $165,000 for his home and was assessed at $268,000, prompting him to appeal his property tax assessment, a similar situation to what my daughter ran into in Montgomery County. My daughter, Alison Whitty, and her husband paid $385,000 for their 1950 brick rancher in Silver Spring but were assessed at $531,000 for it. I helped my daughter go through the appeals process in which she got a meager $30,000 reduction at the first step.
Advertisement
BUSINESS
February 14, 1995
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: My question involves a gift of common stock to another person, not a relative. First, who pays the gift tax, the giver or the receiver? Second, how do you compute the amount of the gift value? Is it the amount I paid for the stock ($17,000) or the current value of the stock ($37,000)?A: An individual may give up to $10,000 per year per donee tax free. Gifts in excess of $10,000 may result in a gift tax, which the donor pays.
BUSINESS
By HUMBERTO CRUZ and HUMBERTO CRUZ,TRIBUNE MEDIA SERVICES | December 25, 2005
Shoppers trampling and knocking down one another in their mad rush to the store. Employees blithely using office computers to shop online during work hours. Techno-addicts racking up credit-card debt in pursuit of the hottest - or the coolest - electronic gadgets. None of this, of course, has anything to do with the spirit of the holiday season. But this does: Making a donation, whatever you can afford comfortably, to a charity of your choice. The self-satisfaction of giving is its own reward, and reason enough for doing it. As a bonus, you can get a tax break that in some cases pays for a big part of your gift.
NEWS
By Liz Atwood and Liz Atwood,SUN STAFF | April 23, 1996
Five generations of Merrymans have tilled the land in the village of Trenton, growing corn and raising cattle while rural Baltimore County turned into suburbia. And John Merryman would like to ensure that the farm his ancestors started in 1881 remains intact, safe from the onslaught of split-levels.But he and many other farmers in Maryland have been unable to permanently protect their land through the state's agricultural land preservation program.Meanwhile, the state has paid millions to wealthy landowners, including a Worthington Valley fox-hunting club, to prevent them from developing their properties.
BUSINESS
By Boston Globe | September 27, 1992
Q. My wife and myself along with my in-laws were the grantees on a real estate deed representing the property where my wife and I live. Recently my in-laws transferred their portion of the property to us.This transfer was not intended as a gift, and I need to know how to help them avoid paying a gift tax.The background here is that my in-laws were selected to have an opportunity to purchase a home in this subdivision, and my wife and I became "riders" on...
BUSINESS
By Kenneth R. Harney | December 14, 1997
THE INTERNAL Revenue Service is throwing cold water on the hottest mortgage product of 1997: the so-called "125 percent loan-to-value" (125 LTV) financing that provides homeowners with more cash than their homes are worth.In its first public comments directed at the "125 LTV" loan boom, the IRS this month warned homeowners that deducting mortgage interest on loan amounts exceeding the fair market value of their homes is prohibited. In an interview, Assistant IRS Commissioner for Examinations Thomas G. Smith urged homeowners "to exercise caution" when they load debt on their homes far beyond market value.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,Sun Columnist | December 17, 2006
Goodwill Industries' drop-off site in Timonium is one of the nonprofit's busiest in the country. On a recent Tuesday, cars on average dropped off a donation every two or three minutes. And that was a slow day. Most donors grabbed a receipt for tax purposes. But many were unaware Congress now requires that donated clothes and household items be in good used condition to qualify for a tax deduction. That means donors can no longer take deductions for broken appliances, busted toys, used mattresses, well-worn shoes, electronics on their last legs or thread-bare underwear.
EXPLORE
Editorial from The Aegis | June 19, 2012
Hard to believe though it may be, the Harford County government has been legally able to buy land without first getting it appraised. This seems to defy logic on a number of levels, not the least of which is that when a government is able to buy land without first having a good idea of its value, the system is left vulnerable to the politically well-connected able to sell property at inflated prices with only their allies in office being party...
NEWS
By Joe Nawrozki and Joe Nawrozki,SUN STAFF | August 21, 2000
On a bright February day, as the storm whipped up along Baltimore County's waterfront over a redevelopment plan bearing the wallop of condemnation, government leaders and the standard-bearers of local business gathered at the Riverwatch Restaurant and Marina for a quiet lunch. Robert L. Hannon, the county economic development chief and architect of the Essex-Middle River revitalization plan, was there to win hearts and minds as he outlined the plan. At a front table, Robert D'Antonio, the new president of the Essex-Middle River-White Marsh Chamber of Commerce, listened intently, eyes fixed on the table.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.