This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property Statement With Replacement Cost In Los Angeles
Category:
State:
Multi-State
County:
Los Angeles
Control #:
US-00123
Format:
Word;
Rich Text
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FAQ
The Form 1099S is the reporting form adopted by the I.R.S. for submitting the seller's gross proceeds information required by law. The information is transferred onto magnetic media by the settlement agent who will make the required report to the I.R.S.
California's property tax rate is 1% of assessed value (also applies to real property) plus any bonded indebtedness voted in by the taxpayers.
You must report all business assets, including all fully depreciated assets and/or expensed assets. Do not report licensed vehicles, computer application software, and goods held for sale, rent, or lease (i.e., inventory).
If you sold a personal use asset for more than what you bought it for, then you would generally report that on the Stock or Investment Sale Information screen. You can report any selling expenses by reducing the amount you enter as "Sale Proceeds" by the amount of your selling expenses.
Deductible personal property taxes are those based only on the value of personal property such as a boat or car. The tax must be charged to you on a yearly basis, even if it's collected more than once a year or less than once a year.
Once the county assessor has determined that a change in ownership has occurred, Proposition 13 requires the county assessor to reassess the property to its current fair market value as of the date ownership changed.
Under Proposition 13,1 real property located in California is gen- erally reassessed when it is purchased, newly constructed, or a “change in ownership” occurs. California Revenue and Taxation Code Section 60 provides, “A 'change in ownership' means a transfer of a present interest in real property, including the ...
One of the largest categories of tangible, taxable personal property in California is the highway-licensed automobile and truck fleet. The property tax on these vehicles is collected and distributed to local governments by the California Department of Motor Vehicles as a part of the vehicle registration process.
In the State of California, real property is reassessed at market value if it is sold or transferred and property taxes can sometimes increase dramatically as a result.
Property taxes are based on the assessed value of your property. Property tax bills show land and improvement values. Improvements include all assessable buildings and structures on the land. It does not necessarily mean that you have recently “improved” your property.