Tax Help For Mortgage Forgiveness
Homeowners taking a loss when selling can now get tax help. The tax help is part of the Mortgage Debt Forgiveness Relief Act. Under the new rule, taxpayers can exclude up to $2 million of mortgage debt forgiven in 2007, 2008, or 2009 on their primary residence.
Not Paying Taxes On Principle Does Not Fly
The U.S. Internal Revenue Service continues to gear up for tax season. Today they released the top four reasons that people give for not paying their taxes:
How to File Taxes For Free Online
The U.S. Internal Revenue Service just announced its Free File Alliance for 2007 taxes.
If you earn $54,000 or less you're eligible to file your taxes for free using free tax software which you can find at www.irs.gov/. The IRS says that's more than 97 million taxpayers. Last year more than 80…
What To Expect From the IRS With A Property Lien
A husband quit claimed property to his wife 17 years ago and she is now wondering if the IRS can put a lien on the home for his unpaid income taxes. The IRS can probably put a lien on the home but cannot go after it. The quit claim should protect the home from a lien from the IRS.
Is Your Social Security Number Safe?
This past week I went into an optometry store to buy some special cloths so my dad could clean his glasses without scratching the anti-glare coating off. I bought two and the total was $8.38. When I went to pay for the cloths, the cashier asked whether I wanted a receipt and I said yes. She asked me…
IRS Increases Business Mileage Reimbursement Rate
If you track your mileage for taxes this will interest you.
The U.S. Internal Revenue Service just announced the mileage rates for 2008, which go into effect New Year's Day.
You can deduct 50.5 cents for each mile used for business; 19 cents per mile for medical or moving purposes; and 14 cents per…
Calculating Property Cost Basis
In simple terms, when people talk about the term "basis," that term refers to the cost of the property adjusted for improvements and can be adjusted up or down for other reasons. If the property was vacant land when you bought it and it cost you $5,000, your basis at that time was $5,000. If you put…
IRS Reminds Low to Middle Income Taxpayers of Savings Credit
It's November. Thanksgiving is next week. Taxes aren't due until April. It's still a good idea to plan ahead.
The U.S. Internal Revenue Service issued guidance last Friday talking about the saver's tax credit. If you are single and earn $26,000 or less, or married filing jointly and earn up to…
A homeowner bought his parents' house for $10 and wants to know what his tax burden will be. The IRS views the profit on the property as the sales price minus the $10 and any costs to sell or improve it, so he will pay taxes on a large profit. Since it is investment property, he'll owe long-term…
ThinkGlink Radio Show for Oct 21, 2007
This week on the Ilyce Glink Show, Ilyce talked about the new tax brackets that were announced by the IRS. She also answered plenty of tax questions, questions about contributing to, investing in and converting Roth IRAs. Tune in for more of your questions and Ilyce's answers and information on this…
Selling A House And Keeping The Profits Tax-Free
The IRS allows homeowners to avoid having to pay any taxes on the gain from the sale of their home up to $250,000 for a single homeowner or $500,000 for married couples if the homeowner has lived in the home as his or her principal residence for 2 years out of the last 5 years.Is there any way to…
How can you sell a property if you only own part of it? You have to be clear about how your home ownership is structured. If you want to sell a property that you co-own, your co-owner must agree to sell the property.
IRS Announces New Web Page for Those Facing Foreclosure
The IRS announced today that it has posted a special web section (www.irs.gov/newsroom/article/0,,id=174034,00.html) at its website for homeowners who lose their homes to foreclosure.
What many people don't find out until it is too late is that selling your home for less than the amount you owe on…
Short Sale When You Can't Make Mortgage Payments
When you've bought a home and you owe more that the home value it may become difficult to make mortgage payments. Instead of falling behind on your mortgage payments you may want to contact your mortgage lender to set up a short sale. Be aware that when you sell your home through a short sale the…
Tax Hints For Selling Rental Property
Homeowners lived in a home for 2 years and then rented it out for the past two years. They want to continue renting it out, but they will sell now if that's the only way to avoid capital gains tax. The IRS website is a good place to check for the tax implications before making any real estate…
Buying Home With Significant Other
A man's girlfriend is buying them a home with her cash but putting her boyfriend on the title. Putting the boyfriend on the title will trigger a lifetime gift tax exemption for the girlfriend. The boyfriend shouldn't have any tax liability, but it is worth a discussion with a tax attorney to see if…
ThinkGlink Radio Show for May 23, 2007
Real Estate Minute with Ilyce Glink IRS’s New Whistleblower Program Seems To Be Working
You cannot quit claim the deed to your house instead of paying back taxes. You must sell your property, then the IRS will take what it is owed on your taxes.
Understanding LLCs For Rental Properties
An LLC is a distinct type of entity that is neither a partnership nor a corporation. Instead, and LLC is a company structure that allows owners to have limited liability in case the company has difficulties. Unlike a corporation, an LLC does not have shareholders, but rather it has members.
Real Estate Agent Is Not Tax Advisor
When you sell a rental property you'll owe capital gains tax on the sale, even if you buy a primary residence in the same year. One alternative to reduce your tax burden is to do a 1031 tax free exchange, but that means you have to buy a second rental property. A 1031 exchange may not be used for a…
Avoid Capital Gains Tax With Primary Residence
When you're selling a home you have to have lived there at least two out of the last five years in order to avoid capital gains tax. How can you prove you've lived in a home for 24 months? You need to have documents such as voting records, phone and mail records available for the IRS in case you get…
ThinkGlink Radio Show for Apr 18, 2007
Real Estate Minutes
A convicted felon says it’s easy to scam the IRS. And that should make all of us very worried.
ThinkGlink Radio Show for Apr 17, 2007
ILYCE GLINK MINUTES What to do if you can’t pay your IRS tax bill in full
Real Estate Minute: Tax Filing Extension
Real Estate Minute with Ilyce Glink Can’t get it all done? Everyone is entitled to get an extension on their taxes. Original Air Date: April 13, 2007
Real Estate Minute: Tax Deductions Can Raise Red Flag
Real Estate Minute with Ilyce Glink Watch your deductions this year to avoid getting audited Original Air Date: April 12, 2007
