The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
What is a 1099S Form?
What is a 1099S Form? Who do I get it from? Q: What is a 1099S form? I just sold my house and moved into a 55+ community. The community had an entrance fee. And, I now pay rent on my apartment every month. I want to be prepared for filing my 2024 taxes. My [...]
Home Sale Tax Exclusion
Home Sale Tax Exclusion: What are the rules? Q: I learned something new in your recent article about the home sale tax exclusion. I did not know that a person could receive the benefit of the Internal Revenue Service (IRS) rule that allows homeowners to exclude from federal taxes the first $250,000 in profits from [...]
Can I have two main residences?
Can I have two main residences? This reader wants to know if she can have two main residences. The IRS only permits each person to have one primary or main residence. You need to pass the IRS test (see below) to tell which is your main residence. Q: My husband was laid off several years [...]
If I Get Divorced and Then Sell my Home, Can I Still Take the $250,000 Exclusion?
If I get divorced and then sell my home, can I still take the $250,000 tax exclusion? The answer depends on a few basic factors the IRS uses to see if you qualify. Q: If I get divorced but still live in the marital residence along with my ex-husband, when we sell the property, do [...]
What Documents Do I Need to Apply for a Mortgage?
What Documents Do I Need to Apply for a Mortgage? Here’s a list of the mortgage documents you need to apply for a loan. Make sure to have them handy in order to keep the mortgage loan process on track. Q: I’ve been watching Ilyce’s videos on her YouTube.com/ExpertRealEstateTips channel. I saw one on the [...]
What’s the Best Way to Transfer a Home Title to a Family Member Who’s Been Living in the Home?
What’s the best way to transfer a home title to a family member who’s been living in the home? Hint: A quitclaim deed may not be sufficient enough. Q: Hi Ilyce and Sam! We have a question about what's the best way to transfer a home title to a family member who has been living [...]
Tax Liens and Bankruptcy: What You Need to Know
Tax liens can hang around, even after you file for bankruptcy. Here’s what you need to know to avoid issues post-bankruptcy. Q: I recently sold a property that had a tax lien on it along with a few other "things from the past." I had a wildly successful business for eleven years that failed after [...]
Do Appliances Increase the Cost Basis of Your Home?
Do appliances increase the cost basis of your home? The short answer: it depends on your situation. Q: How can you say, as you did in a recent newspaper article, that putting in a new washer and dryer is an expense that would increase your basis in a condo? Aren't appliances simply replacements rather than [...]
Will a Loan From a Family Member Impact My Taxes?
Will a loan from a family member impact my taxes? The IRS will treat the loan differently, depending on how you pay it back. Q: My mom is giving us money to buy a vacation home. We will pay her back monthly but it's more of a handshake agreement. Will there be any tax implications [...]
Will Tax Reform Kill The Housing Market and Tank Home Prices?
Is the Tax Cuts and Jobs Act going to kill the housing market and tank home prices? With the passage of Tax Reform in the House of Representatives, real estate industry groups have gone on the warpath to prevent legislation they believe is ultimately damaging to real estate. Is tax reform going to kill the [...]