How to Qualify For The 2009 $8,000 First Time Home Buyer Tax Credit
Because the federal government approved a $7,500 first time home buyer tax credit for 2008 and an $8,000 first time home buyer tax credit for 2009, and each tax credit has different rules, there has been some confusion for home buyers as to which loan must be repaid. Here's how to qualify for the…
Unpaid Real Estate Property Taxes: Redeeming The Tax Sale
If you don't pay the real estate taxes on your home, you could lose it to a tax purchaser. That tax purchaser can buy your home at a tax sale. You'll have a short period of time in which to redeem the property sold at the tax sale, but not long. Unpaid real estate property taxes is one reason why…
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.
Extra Incentive For Car Buyers
New car buyers qualify for a tax deduction for the state or local sales tax, under that American Recovery and Reinvestment Act of 2009. Now the Treasury Department is allowing buyers who purchased their car in states without a sales tax to deduct other fees or taxes.
While American car manufacturers…
New Tax Deduction For Car Buyers
New car purchases qualify for a tax deduction for the state of local sales tax. The Treasury Department announced that purchases made in states without sales tax can still qualify for the tax deduction. There are specific time limits and income requirements to be eligible for the new car sales tax…
Today on the Ilyce Glink Show - June 7, 2009
Fraud, scams and jobs were top of mind today on the Ilyce Glink Show.
Fighting Property Taxes When House Values Drop
Are your property taxes rising while your property values are falling? Rising property tax bills are the bane of homeowners who live on a fixed income, as property taxes often rise a lot faster than the rate of inflation. In this year, where property values have shrunk 20 percent to 50 percent…
Property Taxes May Be Deducted From Federal Income Tax Bill
When you own a home you can deduct property taxes and your mortgage interest from your federal income taxes. If you're a real estate investor and own multiple properties, you're limited as to the number of properties that you can deduct mortgage interest for. But you can continue to deduct property…
Inheritance Taxes Depend On Estate Structure
When you receive an inheritance, you may be wondering how it will be taxed. The amount of taxes you pay depends on the total amount of the estate: if it's less than $3,500,000 then you won't have to pay federal estate tax. Inheritance taxes also depend on the structure of the assets; investments…
Is LLC Or Inc Better For Travel Agency Structure?
When you decide to start your own travel agency, or any other business, you'll want to determine what kind of corporate structure to use and why. Attorneys and accountants can advise on the pros and cons of setting up a limited liability company (LLC) or incorporation. Both an LLC and a corporation…
Where Should Your Tax Dollars Go?
Real estate attorney Sam Tamkin responds to a reader who is upset by hearing about taxpayer dollars being used to help people stay in their homes.
I don't mind paying taxes for things that I can see the use for: roads, public safety, garbage collection. And I don't mind helping people who can't help…
State Home Buying Incentives You Can Bank On
By now you should have heard about the $8,000 federal tax credit for first time home buyers, including those who haven't owned a home in the last three years.
Many states now offer state-level programs as well. Here's some information on them:
California - New-Home Buyer Tax Credit $10,000 or 5…
ThinkGlink Radio Show for May 10, 2009
Today on the Ilyce Glink Show, Ilyce took calls from listeners about tax problems, how to find a financial planner, how to get a lender to work with you on a refi, investment property and more. For more show notes, check out Ilyce's blog.
ThinkGlink Radio Show for May 9, 2009
Ilyce Glink's Makeover Your Money - Part 3
Investing in Tough Times with panelists Wes Moss, WSB and Capital Investment Advisors; Woody Alpern, Capital Investment Adivsors
At the Makeover Your Money Event in Atlanta on May 9, 2009, Ilyce Glink moderated a panel discussion and question and answer…
Make Rental Property Lucrative and Tax-Efficient
When you own a primary residence and turn it into a rental property you will be unable to take the same tax deductions as you would if it were a primary residence. If you later decide to change the property ownership from yourself to an LLC - a limited liability company - that will also affect your…
Does Refinancing Mortgage Include Loan Forgiveness?
With the federal government announcing a lot of loan modification and refinancing programs to help homeowners it may be hard to know what's a legitimate refinancing deal. Is it reasonable for a mortgage lender to offer to forgive some of your principal balance when you refinance? It depends whether…
Estate Taxes Depend On Value And Type Of Assets
When you inherit assets from a family member you may owe estate taxes on them depending on the total value of the estate and the types of assets in the estate. Heirs can inherit tax-free up to $3.5 million in assets in 2009. But if the inheritance includes tax-deferred retirement accounts such as a…
Capital Gains Tax Changes If Primary Residence Includes Rental Property
Renting out part of your primary residence will change how your capital gains tax is calculated when you later sell. If you didn't have a rental property as part of your primary residence, you could save taxes on up to $250,000 of profit from the sale, if you're single. When you have a rental…
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…
Federal Tax Deduction For Buying New Automobile
If you're looking at buying a new car this year you'll likely be able to deduct the sale tax you pay on your federal income taxes for the 2009 tax year.
IRS announced seven things you should know about this new deduction:
The IRS has published the following following tax law changes for 2009 affecting individuals.
Don't Miss First Time Home Buyer Tax Credit
First-time home buyers, pay attention! If you buy a new home in 2009, and close on or before December 1, 2009, you may qualify for an $8,000 tax credit.
The National Association of Home Builders has created a number of resources to help Americans understand current conditions in the housing market…
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams
As that April 15 tax deadline edges closer and closer, the IRS has released a list of top tax scams to watch out for. Whether you've already sent off your return or you're one of the last minute filers, make sure you don't get trapped by any of these scams:
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams…
ThinkGlink Radio Show for Apr 12, 2009
Today on the Ilyce Glink Show, we talked about text messaging costs, signs that the economy may be leveling off, unclaimed tax refunds and how to get yours, what you need to do to file your taxes on time this week, and other information to help you save more, spend less, and make the most of your…
Today on the Ilyce Glink Show - Easter Sunday
We're offering a special 2for1 deal for the Ilyce Glink Makeover Your Money Event! It's only going to run through Monday night (April 13, 2009). Go to http://www.thinkglink.eventbrite.com and type in "2for1" (don't put in the spaces and don't type the parenthesis either).
That means you'll get a…
