I’m thinking of refinancing my house, will my taxes change? I live in LA county.
What if the appraisal is higher than when I bought it? Like 20% higher.
Answer by big_mustache
Refinancing your mortgage will not affect your property taxes. Property taxes are based on the value of the property, not the amount owed.
Answer by Steve B
I believe that it happens when you purchase a home.
Or make a big improvement (add a pool, add a floor, add a room).
When filing a corporate tax return I think I can deduct the state income tax on the federal return, but then my state tax changes. Can I deduct both the federal and state income tax to be paid on both the federal and state return or just the state on the federal return?
Answer by Max Hoopla
You can’t deduct federal income tax.
Answer by brad
State taxes are deductible on the federal return only and federal taxes are not deductible at all. When you take the deduction for state taxes it changes your federal taxable income which is where you start to determine state taxable income. The state income taxes that you deducted need to be added back as an adjustment to determine state taxable income. Most states have a specific line for that adjustment but not all.
Answer by tro
there is a line for ‘taxes’