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Thread: Income Tax and Property Tax

  1. #1
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    Default Income Tax and Property Tax

    It is tax reporting season again.
    In January, 2014, I paid the property tax Y dollars;
    In January, 2013, I paid the property tax X dollars;

    Now I need to pay income tax.
    For gross rental income, I use the rental collected in Year 2013.
    In the deduction of property tax, should I use X or Y?

    If I need to use X, where can I find the number online?
    The IRAS web site is listing Y now. (I don't mind to use it because it gives me better deduction, but the taxman has my record of X.)

    Thanks,
    Richard

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    Quote Originally Posted by richwang View Post
    It is tax reporting season again.
    In January, 2014, I paid the property tax Y dollars;
    In January, 2013, I paid the property tax X dollars;

    Now I need to pay income tax.
    For gross rental income, I use the rental collected in Year 2013.
    In the deduction of property tax, should I use X or Y?

    If I need to use X, where can I find the number online?
    The IRAS web site is listing Y now. (I don't mind to use it because it gives me better deduction, but the taxman has my record of X.)

    Thanks,
    Richard
    There is a property tax correspondence section for u to see all the past notices....

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    Got it. Thanks!
    Although not very user friendly. They have my property portfolio, but still ask me to fill in the address details to search. They should have a drop down list to allow me to select the property.

    Cheers!

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    Double taxation. Property tax is based on annual value which is based on expected rental. Whether rented out or not.

    When it is rented out the rent attracts income tax. Nabeh.

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    haha. True indeed. plus CM n GST some more.

  6. #6
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    Hi, does any one can advise . how does annual value being considered/calculated when condo are in the same block but different level. When buying new condo the $ increase with level . Rental in the open market varies , thus wondering how the annual value being calculated to pay the property tax.

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    Quote Originally Posted by leesg123 View Post
    Double taxation. Property tax is based on annual value which is based on expected rental. Whether rented out or not.

    When it is rented out the rent attracts income tax. Nabeh.
    Why so upset....

    Do you want to pay more income tax or less????

    Do you want to pay tax or none???

    Many would gladly want to pay tax but cannot???

    The pasture is always better at the other end????

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    Quote Originally Posted by chestnut View Post
    Why so upset....

    Do you want to pay more income tax or less????

    Do you want to pay tax or none???

    Many would gladly want to pay tax but cannot???

    The pasture is always better at the other end????
    My wife not working and she is paying Income Tax.

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    Quote Originally Posted by Arcachon View Post
    My wife not working and she is paying Income Tax.
    You are indeed a very fortunate person.....

    When I retire. I will also pay income tax... I feel I am fortunate

    My fear is when i don't pay income tax... It means I got no income.... Hhahahaha

  10. #10
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    Dont worry forumers here, u should be happy to pay more taxes, it means you are earning more and more : )

    Forumers here have the capacities and capabilities to grow their incomes...focus on income growing rather than tax savings : )

    My target is to grow my tax 10% per year which means my income is growing at 10% every year too...shiok...

  11. #11
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    Quote Originally Posted by Arcachon View Post
    My wife not working and she is paying Income Tax.
    Not working but collect rental sibo...lol !
    "Anyone who has not made a mistake has never tried anything new"

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    Got income, pay some tax still got income, ok right?
    Worst is people like retiree no income still need to pay tax in the form of GST for food, medicine etc!
    Soon we will see many old people suicides because can't afford to pay GST!


    Quote Originally Posted by Allthepies View Post
    Dont worry forumers here, u should be happy to pay more taxes, it means you are earning more and more : )

    Forumers here have the capacities and capabilities to grow their incomes...focus on income growing rather than tax savings : )

    My target is to grow my tax 10% per year which means my income is growing at 10% every year too...shiok...

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    Quote Originally Posted by heehee View Post
    Got income, pay some tax still got income, ok right?
    Worst is people like retiree no income still need to pay tax in the form of GST for food, medicine etc!
    Soon we will see many old people suicides because can't afford to pay GST!
    Stats

    http://www.samaritans.org.sg/National-Statistics.pdf

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    Quote Originally Posted by chestnut View Post
    You are indeed a very fortunate person.....

    When I retire. I will also pay income tax... I feel I am fortunate

    My fear is when i don't pay income tax... It means I got no income.... Hhahahaha
    I felt the same way as u when i retired.

    But after having no work for years, then you will feel like - why i have to pay income tax when i'm not working? Rental income is not work... just we were clever enough to invest and make your money work for you but gahmen even cleverer hahaha
    When you have eliminate the impossible, whatever remains, however improbable, must be the truth

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    Quote Originally Posted by sherlock View Post
    I felt the same way as u when i retired.

    But after having no work for years, then you will feel like - why i have to pay income tax when i'm not working? Rental income is not work... just we were clever enough to invest and make your money work for you but gahmen even cleverer hahaha
    if u dun wan to pay income tax u steal steal rent lor

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    Regardless of whatever, rental income is still income!
    Now, if rental income people expect don't need to pay tax, why should people be expected to pay taxes (in term of GST) just to survive (get food, medicine, basic necessities) with ZERO income?!

    Quote Originally Posted by sherlock View Post
    I felt the same way as u when i retired.

    But after having no work for years, then you will feel like - why i have to pay income tax when i'm not working? Rental income is not work... just we were clever enough to invest and make your money work for you but gahmen even cleverer hahaha

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    Regardless of whatever, rental income is still income!
    Now, if rental income people expect don't need to pay tax, why should people be expected to pay taxes (in term of GST) just to survive (get food, medicine, basic necessities) with ZERO income?!

    if u dun wan to pay income tax u steal steal rent lor


    You guys got me wrong

    Not that I dont want to pay taxes... just pay until a bit buay song lor, especially when u are retired.

    My point is - its different when u are working, making tons of $$ and retired/ dependent on passive income
    When you have eliminate the impossible, whatever remains, however improbable, must be the truth

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    Quote Originally Posted by sherlock View Post
    Regardless of whatever, rental income is still income!
    Now, if rental income people expect don't need to pay tax, why should people be expected to pay taxes (in term of GST) just to survive (get food, medicine, basic necessities) with ZERO income?!

    if u dun wan to pay income tax u steal steal rent lor


    You guys got me wrong

    Not that I dont want to pay taxes... just pay until a bit buay song lor, especially when u are retired.

    My point is - its different when u are working, making tons of $$ and retired/ dependent on passive income
    Understand... Appreciate...

    Now paint you 2 scenario. Don't pay tax or pay tax, which one better???

    Don't want to pay tax, get dividend from stocks or coupons from bonds. There are other options

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    Quote Originally Posted by chestnut View Post
    Understand... Appreciate...

    Now paint you 2 scenario. Don't pay tax or pay tax, which one better???

    Don't want to pay tax, get dividend from stocks or coupons from bonds. There are other options
    Pay tax better... buay song though.

    So I also get paid from dividends, song because its tax-free

    So actually its all in the mind; tax paid by ownself, heartpain. Tax paid by company then pay u, shiok.

    Hahaha
    When you have eliminate the impossible, whatever remains, however improbable, must be the truth

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    Quote Originally Posted by chestnut View Post
    Chart on page 2:

    2006-2008: Economic progress (down)
    2008-2009: Economic recession (up)
    2009-2010: Economic recovery (down)
    2010-2012: Casinos (spike)

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    Quote Originally Posted by sherlock View Post
    Pay tax better... buay song though.

    So I also get paid from dividends, song because its tax-free

    So actually its all in the mind; tax paid by ownself, heartpain. Tax paid by company then pay u, shiok.

    Hahaha
    Agree... it is all in the mind....

    There are options available... So we feel shiok when have properties but no shiok if pay tax...

    I used to think, wa lau, pay so much income tax damn sian... then I realised how fortunate I am to pay taxes... people want to pay taxes also cannot and they envy those who pay high taxes...

    The pasture is always greener at the other end, so they say... I decided, why not enjoy the pasture that you have today and make the most out of everything and everyday... being upset, what does that bring oneself??? sadness, anger, etc... but no solution, rite???? Other people dieing to have what you have and you yourself dont even appreciate what oneself have??? Conundrum - confusing and difficult problem or question

    Thats what differerentiate other animals from humans....

    A dog can never chose its owner.... the dogs fate lies in its owner or it is a stray dog??

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    Quote Originally Posted by hyenergix View Post
    Chart on page 2:

    2006-2008: Economic progress (down)
    2008-2009: Economic recession (up)
    2009-2010: Economic recovery (down)
    2010-2012: Casinos (spike)
    Casino is good or bad???? Recession is good or bad???

    Recession is good, if you take advantage of it.. but the general public will suffer....

    Casino is good, if you take advantage of it (as it boomed the economy) but bad as so many gamblers and caused social issues...

    Which side you are in will determine if it is good or bad...

    So funny, when people hope for recession, no one condemn them????? They say this people so smart, buy at low, sell at high....

    The world is made up of so many different people with so vast opinions, we just need to accept and embrace the people around us.


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    These are pocket of opportunities.
    Quote Originally Posted by hyenergix View Post
    Chart on page 2:

    2006-2008: Economic progress (down)
    2008-2009: Economic recession (up)
    2009-2010: Economic recovery (down)
    2010-2012: Casinos (spike)

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    Quote Originally Posted by DC33_2008 View Post
    These are pocket of opportunities.
    See, we have an optimistic guy here who sees opportunities.... It all depends on which side of the fence one is on...


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    Quote Originally Posted by chestnut View Post
    Casino is good or bad???? Recession is good or bad???

    Recession is good, if you take advantage of it.. but the general public will suffer....

    Casino is good, if you take advantage of it (as it boomed the economy) but bad as so many gamblers and caused social issues...

    Which side you are in will determine if it is good or bad...

    So funny, when people hope for recession, no one condemn them????? They say this people so smart, buy at low, sell at high....

    The world is made up of so many different people with so vast opinions, we just need to accept and embrace the people around us.

    It depends on whether you have the means ($ and/or connections) to make use of it.

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    Quote Originally Posted by hyenergix View Post
    It depends on whether you have the means ($ and/or connections) to make use of it.
    Agree.... In agriculture time, like wise...

    It depends if you have a large plot of land, animals to help you do farming, enough manpower, etc....

    100% agree...

    Life is a pyramid.... 20% control 80% of the people... 80% work for the 20%...

    If not, there will be no balance... Some are good with brain... most are good with hard work...

    If everyone has brains, who will work?????

    If everyone has physical strength, who will do inventions to make our lives better????


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    Quote Originally Posted by chestnut View Post
    Agree.... In agriculture time, like wise...

    It depends if you have a large plot of land, animals to help you do farming, enough manpower, etc....

    100% agree...

    Life is a pyramid.... 20% control 80% of the people... 80% work for the 20%...

    If not, there will be no balance... Some are good with brain... most are good with hard work...

    If everyone has brains, who will work?????

    If everyone has physical strength, who will do inventions to make our lives better????

    But the problem with modern society and high literacy rate is that people THOUGHT they are good with brain, hence become DO NOT WANT TO WORK HARD, become keyboard warrior, having a strong sense of ENTITLEMENT.

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    Quote Originally Posted by leesg123 View Post
    But the problem with modern society and high literacy rate is that people THOUGHT they are good with brain, hence become DO NOT WANT TO WORK HARD, become keyboard warrior, having a strong sense of ENTITLEMENT.
    Bro, this is progression.... all progress countries go thru this.... Thats why I always believe in history.... It does tell us something (not everything tho)....

    Look at the kids in US, progress rite???? are they becoming fatter (Mcdonalds), less exercise, etc...

    Go visit Vietnam... 15 years ago everyone so slim.... today, all bigger... cannot fit into ao dai liao...

  29. #29
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    Quote Originally Posted by leesg123 View Post
    Double taxation. Property tax is based on annual value which is based on expected rental. Whether rented out or not.

    When it is rented out the rent attracts income tax. Nabeh.
    one is income tax there other is assets tax.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

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    Quote Originally Posted by chestnut View Post
    Agree... it is all in the mind....

    There are options available... So we feel shiok when have properties but no shiok if pay tax...

    I used to think, wa lau, pay so much income tax damn sian... then I realised how fortunate I am to pay taxes... people want to pay taxes also cannot and they envy those who pay high taxes...

    The pasture is always greener at the other end, so they say... I decided, why not enjoy the pasture that you have today and make the most out of everything and everyday... being upset, what does that bring oneself??? sadness, anger, etc... but no solution, rite???? Other people dieing to have what you have and you yourself dont even appreciate what oneself have??? Conundrum - confusing and difficult problem or question

    Thats what differerentiate other animals from humans....

    A dog can never chose its owner.... the dogs fate lies in its owner or it is a stray dog??

    I see it as overhead. Treat your properties like a business. all business have overheads. so as long as the yield remain healthy the overheads are part n parcel of it.

    I have a friend who refuses to participate. citing many lee you. taxes, trouble, share or property are forms of speculation thus its gambling no different from casinos etc.. but day in day out he whine about his $ being eaten away by inflation. Well some do it. some just keep whining. thats the facts of life. to each their own. but its a human choice.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

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