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.
Credit Crisis: Low Home Values Lead to Foreclosure
Home values continue to decline and home owners are losing income. These factors affect home owners' ability to sell homes and make mortgage payments. Some home owners may be considering giving their homes to the bank through foreclosure and moving on. Those who can afford to keep their homes have negative equity -- they may owe more than the current home value. The credit crisis continues to impact home values, mortgages and the housing market as a whole.
IRS Changes Deductions For Tax Year 2009
Earlier this month the U.S. Internal Revenue Service announced tax changes effective for tax year 2009 (so for tax returns filed in early 2010). Pers...
Pay Estate Tax with Mortgage Loan
In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the IRS requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. An estate administrator asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that's part of the estate.Chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property's location.
What Would You Do With $800 Billion?
On the Bailout special this Sunday, I talked about how I'd spend maybe $250 billion on buying out troubled mortgages, but that I'd spend maybe $500 bi...
1031 Exchange – What is It?
A 1031 tax exchange is named for part of the IRS tax code. A 1031 exchange allows you to defer paying taxes on investment property including real estate, artwork, helicopters, copyrights, patents and more. You cannot do a 1031 exchange on personal property. This video gives you basic information about a 1031 exchange. For more information, check out our other 1031 exchange videos.
Tax Attorney Versus IRS Negotiator
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 us...
Ilyce Glink on WSB Radio – August 3, 2008
Today on the Ilyce Glink Show, Ilyce talked about 1031 exchanges and what questions you should ask when choosing a 1031 exchange intermediary. She also talked about credit freezes and Georgia's new law. She ran down some green baby Web sites, if you're looking for environmentally-friendly retailers, and what to do if you haven't received your stimulus check from the IRS. She took calls on investing in 401(k) plans, a possible property tax mix-up on a HUD-1 form, investing in CDs for income, reverse mortgages, and credit freezes. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
What To Expect From A Home Inspection
Home inspector Jamie Dunsing describes what to expect during a home inspection. You should get a home inspection before buying or selling a home. Find out what issues a home inspection can bring to your attention.
Got An E-mail From The IRS? It’s Probably Fake
Apparently scammers are at it again. The U.S. Internal Revenue Service announced yesterday that scammers posing as the IRS are sending fraudulent e-ma...
Homeowner’s Insurance Doesn’t Cover Foundation Issues, Seller Liable?
A homeowner asks about foundation cracks that his insurance doesn't cover and whether the seller should be forced to fix them. Can the seller be liable because he did not reveal the foundation cracks in seller disclosure upon selling the house? Or will the homeowner have to pay to repair the foundation cracks since homeowners' insurance doesn't cover it?