Real Estate Tax Law

Real estate tax law, in the context of income tax, refers to how property ownership and transactions can impact your taxes. When you own real estate, you may pay property taxes based on its value. Additionally, if you sell property for a profit, you could owe capital gains tax on that profit. However, there are deductions available, like mortgage interest and property-related expenses, which can lower your taxable income. Understanding these laws helps property owners manage their tax obligations effectively and maximize potential tax benefits related to their real estate investments.