Income Tax

Income tax is a personal tax levied on all income and wages. Different amounts and types of income are subject to difference kinds of regulations from the IRS. Learn more here about different situations involving income tax from the articles, blog posts, radio shows and videos.

How Married Same-Sex Couples Should File Federal Taxes to Get the Best Refund

Many Americans are facing tax issues this year that they’ve never experienced before. Whether it’s because of a marriage, a home sale or new federal and state rules, questions arising this close to the April 15 tax deadline can be …

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Need Tax Records Now? New IRS App Can Help

Do you need to get your old tax records right now for a mortgage application, car loan or student financial aid? In the past, you had to wait days or weeks to get your tax records in the mail from …

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Putting a Rental Property in an LLC to Minimize Taxes

Before putting a rental property in an LLC to minimize taxes, be sure you can depreciate the building to reduce your tax liability.  By: Ilyce Glink and Samuel Tamkin Q: I recently inherited a rental property. The property is rented …

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Tax-Free Exchange on Rental Property: What Taxes Do I Owe When Selling?

Tax-free exchange on rental property, what taxes do I owe when selling? Did you purchase the home as an investment or as a primary residence? Q: We purchased our present home in 2005 for $225,000. It was a tax-free exchange on …

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Posted in Income Tax, Investment Property, Selling | Tagged , , , | 3 Comments

Buying a Vacation Rental Home: Issues to Consider

Thinking of buying a vacation rental home? Does it make financial sense for your family to use the home, or to use it as an investment? Q: I am trying to figure out if the numbers would make sense for …

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Posted in Income Tax, Investment Property, Second Home | Tagged , , , | 1 Comment

Do I Need to Pay Taxes on My Loan Modification?

Want to know if you need to pay taxes on a loan modification? We answer a question about loan modification today. Q: I modified my home loan last year following my divorce at the end of 2011. My first new …

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Tax Implications of Transferring Home Ownership

When transferring home ownership, be aware of the tax implications that could cost you a lot of money. Q: My brother wants to transfer ownership of his home into my name and I need to know what the tax implications …

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Short Sale vs. Deed in Lieu of Foreclosure: Which is Faster?

To speed a closing with the bank before the end of 2012, you need to talk with your bank to decide what is faster: a short sale or deed in lieu of foreclosure.   Q: My daughter’s home has been …

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Short Sales and Deficiency Judgments: What You Need to Know

Selling your home in a short sale is better than going into foreclosure, but you might face a deficiency judgment from your lender. Q: In one of your recent columns, you referred to the term deficiency judgment when discussing a …

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Short Sales and Their Lingering Tax Implications

Short sales are the only options for many homeowners, but its tax implications continue to affect the housing market. There is very little that makes short sellers happy these days. But we recently heard from one who finally at least …

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