Posted by Rich-CA on May 20, 2008 at 17:54:06:
Wow, and I thought CA was highly taxed. I am so glad this state does not have local income taxes on top of everything else.
Municipal Income Tax - Posted by Larry Hudson
Posted by Larry Hudson on May 16, 2008 at 14:41:14:
The City of Forest Park, Ohio, a jurisdiction that apparently has a very aggressive income tax department, is taking the position that interest on the installment sale of a house is reportable income for municipal income tax purposes.
This is jaw-dropping news to me, but may not be to all of you.
In every other jurisdiction I’ve dealt with, only rent income was taxable, not land contract interest.
Anyone familiar with Forest Park and its tax collectors? Is taxing installment sale interest something common elsewhere, or some new frontier being explored by tax people here?
Thanks in advance for any thoughts you may have on this.