Short Sale and Real Estate Taxes
Whey you go out and buy real estate, you should make sure you understand the process of buying a home and surround yourself with a competent real estate attorney, real estate agent and mortgage broker or lender. You should do that and more if you decide to move forward and buy a short sale home or…
How Long Should You Keep Tax Records?
How long are you required to keep your tax records? The IRS only requires you to hold onto your tax records for seven years. A lender might want to see your tax records from the last few years, but they should not require anything further back than that. If a lender wants to see older tax records…
Fighting Property Taxes When House Values Drop: Tax Sale Home Purchase
Even if you buy a home through a tax sale or sheriff's auction, you may still need fight your property taxes. Determining what your property taxes may be after you purchase might be difficult. If after you investigate, you might decide to fight your property taxes to get them reduced.
Keeping Property Or Assets When You Owe Money To IRS
If you owe money to the Internal Revenue Service and you want to buy property can you get a family member to be the buyer using your money? And can that family member later give you the property via a quit claim deed? Trying to get around paying back the IRS or protecting assets from the IRS can be…
File for an Extension if You're Filing Taxes Late
The 2009 tax countdown continues: There's just one week left to file your federal and state income taxes. I remember spending countless years at WGN-TV, filing story after story about people who were finding new ways to procrastinate doing their taxes. The year that efile was introduced, I remember…
Use a Credit Card to Pay Your Taxes And Write Off the Interest
And they said it would never happen. The IRS has reconsidered its position on allowing taxpayers to deduct the interest and fees paid on a credit card that is used to pay one's federal income tax bill. Here's the news release from IRS.gov.
Credit and Debit Card Fees Related to Tax Payment are…
Today on the Ilyce Glink Show - April 5, 2009
We're talking tax today. Bill Nemeth and Merry Brodie are with us in the studio answering your tax questions. If you have federal or state income tax questions, such as what kinds of deductions you can take or what taxes you owe on inherited property, or how to reduce your income tax bill, give us a…
Multimedia IRS.gov Web Site Sees 24 Percent Increase In Visitors
The U.S. Internal Revenue Service reported today that traffic to IRS.gov has increased by more than 24 percent since last year.
More than 138 million taxpayers have visited IRS.gov this year, up from 111 million for the same time period in 2008.
IRS encourages taxpayers to visit the site to obtain…
IRS Doesn't Renew Private Debt Collection
It used to be if you owed the federal government back taxes you'd be contacted by either the U.S. Internal Revenue Service itself or a private debt collection agency.
Going forward you will only be contacted the IRS. Citing a cost effectiveness review, the IRS announced today that it isn't renewing…
IRS Wants To Give You A Refund From 2005
Do you ever stick your hand into the pocket of a pair of jeans you haven’t worn in a while and find a long-forgotten $20 bill? I think it’s absolutely one of the best feelings in the world. It’s already your money. It’s not like you earned anything extra. It’s just the feeling of, “Surprise! Free…
Back Taxes Owed On For-Sale Property
A buyer of a vacant lot learned that the sellers owe three years of back taxes on the property. If the back taxes are not paid before, or at, the closing, the buyer will become responsible for them. A real estate attorney can help this buyer ensure he is protected from having to pay the back taxes…
Did Tim Geithner Pay Taxes AND Penalties?
Did Tim Geithner pay taxes AND penalties on his unpaid taxes from his work associated with the IMF? I said yes. But Ed says, "No."
Tim Geithner did not pay penalties but did pay interest. See link...www.politifact.com/truth-o-meter/statements/2009/jan/16/barack-obama/Geithner-tax-error/
Thanks, Ed…
Back Taxes Overpaid From Incorrect Assessment
The county assessor's office incorrectly classified a single-family home as a three-family building. With the mistake corrected, the homeowner wants to know if she can receive a refund for the overpayment of back taxes.
Title Company Can Resolve Quit Claim Deed
Regardless of whether you've been paying property taxes, to really be a property owner your name has to be listed on the property's title. In one family's case some land was signed over using a quit claim deed and one of the heirs is now unsure whether she's listed on the title or is the owner. It…
IRS Announces Help For Taxpayers Who Owe Back Taxes
Looks like the Internal Revenue Service is following the example of financial institutions like banks and agreeing to work with people in financial distress who owe them money. The bottom line is that you should call IRS and talk to them if you cannot make payments. Tell them about your specific…
IRS Announces Help For Homeowners In Financial Trouble
The U.S. Internal Revenue Service just announced that it will allow homeowners to apply to make their mortgage loan the primary lien against their homes and if they have a tax lien on the home as well, it can become the secondary lien.
A lien is a claim that another party has on your property. Your…
Quit Claim Deed Transfers Real Estate Back Taxes?
A father transferred his home to his children using a quit claim deed, but he stopped paying the taxes. Now his children have been notified they're behind on real estate taxes and could lose the property. One child wants to sign a quit claim deed to transfer ownership back to the father. If they do…
usually take place at a sheriff's office. Tax deed sales give tax purchasers a chance to pay property taxes and obtain a certificate against a property. If the property owner does not pay the taxes and lift the tax deed, the tax purchaser can start proceedings to obtain the property. Tax deed sales…
In mid-May former National Basketball Association star Latrell Sprewell lost his Milwaukee home to foreclosure, reported the Milwaukee Journal-Sentinel.
Sprewell owed more than $320,000 on the home valued at almost $670,000. He bought it for $405,000 in 1994. The foreclosure went through after…
Commercial Real Estate Tenant Doesn't Pay Rent
What can you do when you own commercial real estate and your tenant doesn't pay rent? How can you evict the commercial real estate tenant? Eviction laws vary by state and some attorneys specialize in evictions for commercial real estate.
How Do Tax Sale Properties Work
How can someone buy properties through tax sales? If a homeowner has failed to pay real estate taxes that may be due on his or her property, the local jurisdiction that collects the taxes has the right to sell off the property for the amount of unpaid taxes. Generally, there is a time period by…
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.
Buying Home That Is Behind On Back Taxes
If homeowners don't pay your real estate taxes, the tax collector can seize your house and sell it for the back taxes that are owed. In most places, the taxes have to have been unpaid for at least a year or two and the homeowner has the right to catch up on the taxes by paying the interest that has…
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…
Federal Tax Lien Lowers Credit Score
When a federal tax lien gets filed against you, your credit score will fall. What can you do to rebuild your credit score after you've paid off the tax lien? Paying your bills on time, not carrying a credit card balance and not closing old lines of credit all help boost your credit score.
