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Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the ...
For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
Income taxes are steadily increased as a major State revenue source since 1933 when the Oklahoma Constitution was amended to prohibit State-level taxation of property. Income taxes are now the largest source of revenue for the State government, accounting for approximately 38% of total state revenue - 32% from individuals and 6% from corporations.
If you bought a house this year, and are living in it by Jan. 1, 2024, it's time to be thinking about filing for a homestead exemption to trim your property tax bill.
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The proposal was the first Senate bill filed ahead of the 2025 legislative session, which starts in February.
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
Continue reading ->The post How To Create a Living Trust in Oklahoma appeared first on SmartAsset Blog. If your estate is worth more than $200,000, you should consider creating an Oklahoma living ...