Taxes Articles and Videos - Page 8

When you sign a quit claim deed to give a property to your children, your children will have the original cost basis of the property. The original cost basis may result in your children having to pay higher taxes when they go to sell the property. If your children want to sell your home and give you…

I just got this question from a Clark Howard listener:

Q: Hi, a few months ago you were filling in for Clark howard and a guy called in wanting to use a tax attorney and you discouraged him from doing so and gave him a name of a IRS negotiator to use instead and I'm looking for that name????

A: I…

Whenever a home owner transfers all or part of the ownership of a property using a quit claim deed, the person who they're transferring ownership to receives the property interest at the same cost basis that the home owner bought it for. While the percentage of ownership may vary, the cost basis…

A homeowner received a home as part of an inheritance and wants to know how to put the home's title in his name. He also wants to declare the inherited home his principal residence and wonders how to do this when he owns another home in another state. How can the homeowner handle real estate tax and…

Nancy called in to ask what she should do. Her employer is behind on wages and then moved her to commission-only but hasn't paid that either. She finally decided to leave and wants to know if she can collect unemployment.

I suggested she contact the Department of Labor (www.dol.gov), which takes a…

There's a lot to talk about on Today's Show.

CDs Are Looking Like A Better Deal

Interest rates are starting to rise, which means that CDs are looking like a better place to park your cash. Wachovia is offering 4.25 percent on a 1-year CD and Countrywide is offering 5 percent on a 5-year CD. You don't…

Today on the Ilyce Glink Show we listened to Fall Out Boy while talking about the upswing in the stock market, and a new rule that might prove to be a little negative for home sellers: a change in the way tax is computed when you sell a home. We also took calls about a possible problem in a home…

You may not owe any taxes on inheritance. When you inherit property, you inherit the property at its value at the time the person died. Generally, if you sell it within a year of the owner's death, the IRS views the property's value as of the day of death as the same as the day it sells. Because…

If you don't pay the real estate taxes on your home, you could lose it to a tax purchaser. While the nightmare situation can be avoided, it still happens to lots of people. Here is what you need to know about losing your property because of unpaid real estate taxes.

If you own investment property and want to sell it and cut your tax bill, consider a 1031 exchange. A 1031 exchange allows you to defer paying taxes. Which taxes can be deferred using a 1031 exchange?

Apparently scammers are at it again. The U.S. Internal Revenue Service announced yesterday that scammers posing as the IRS are sending fraudulent e-mails to people.

The IRS reminds us that they generally don't contact taxpayers using e-mail.

In May and June people reported more than 700 phishing scams…

If you think you might like to use tax software to prepare your taxes this year, ask yourself a few questions. Do you like to use technology for other tasks, like selling possessions on eBay? Are you comfortable relying on tax software to correctly file your taxes? Do you have complicated income…

The U.S. Internal Revenue Service audits taxpayers to see if they've filed their taxes correctly. While the word audit may seem scary, it doesn't have to be if you're prepared for an audit from the IRS. The IRS isn't trying to catch you, just keep track of your receipts, deductions and expenses, and…

Every year when you go to file taxes you will have to collect various tax forms. Learn about various tax forms including the W-2, 1099, 1098 and K-1 from CPA Michelle Swenson. Understanding different tax forms will ensure smoother tax filing.

Filing your income taxes doesn't have to be a stressful experience. Keep your income tax files organized throughout the year, and dealing with April 15 will be a snap. Make sure your employer has sent you all the forms you need by the end of January, because ultimately, filing your income taxes is…

There's still time to file your 2007 taxes if you haven't. Even if you don't normally file you should so that you can get a stimulus check from the government. More than 16,000 Atlanta residents can still get a stimulus check if they file their taxes, according to Liberty Tax Service. The deadline…

Today on the show, I told a story about how my father helped teach me about the value of integrity.

When I was growing up, my father (a municipal attorney in the Chicago metro area) used to buy a new car every few years from a car dealer located in one of the municipalities he represented. When I got…

When you're selling a home and a buyer wants to buy the property as a gift is there anything you need to watch out for? Should the earnest money, which may become a down payment, be handled in a special fashion? It's critical that the transaction be handled with care to ensure estate planning and…

As parents, you may decide you want to pass on your real estate holdings to your children. To figure out the right way to pass along property, without incurring excessive taxes or mortgage liabilities, you should do some estate planning with the help of an estate attorney and accountant. When you…