When you file your taxes, you may be able to claim a tax deduction. A tax deduction allows you to save money on your taxes. Current tax deductions include mortgage interest paid and student loan interest paid. Including tax deductions on your tax return may lower your tax bill. Consult a tax preparer, accountant or enrolled agent to know for sure.
Today on the Ilyce Glink Show we talked taxes with our tax experts. We took a lot of calls about LLCs, the Federal and State tax extensions, and the non-deductible IRA conversions. Don't forget to check out her all-video Web site, www.expertrealestatetips.net.
U.S. Senate lawmakers announced yesterday that they're working on a bill to help homeowners facing foreclosure. Among the proposed measures - a $15,00...
The new Mortgage Forgiveness Debt Relief Act of 2007, signed into law at the tail end of last December, is supposed to provide some relief to those who sell their homes short -- that is, sell for less than the mortgage amount. Also, the law provides if the taxpayer is insolvent to the extent of the amount of debt, a short sale would not be taxable income. You may seek other help if you owe a tax debt. Although the IRS cannot touch your retirement savings they may suggest getting tax debt help by borrowing against them.
Today on the Clark Howard Show, Ilyce Glink filled in. Things that you can do by the end of the year to lower your tax bill were on the agenda again today, as were other tax tips. Jean called about tax-free money markets and Ilyce provided information about how to shop around for the best credit card deal. Up at her website, www.thinkglink.com, Ilyce placed a link to the BankRate site that shows the current tax-free money market offerings as well as links to the websites you'll want to peruse if you're looking for a new credit card. Don't forget to sign up for her new all-video website at www.youtube.com/expertrealestatetips and check out the show notes at www.thinkglink.com.
Ilyce Glink filled in today on the Clark Howard Show. As we move closer to the end of the year, it's important to make sure you've done everything you can to minimize what you'll pay in taxes. Make sure you've taken all of the deductions to which you're entitled, and opened up (and funded, if you can) any retirement accounts. Ilyce took questions about buying a foreclosed property with an IRS lien, negotiating with collection agencies, getting a student loan, and the Georgia Lemon Laws. Check out her show notes at her website, www.thinkglink.com/forum, and don't forget to sign up for her YouTube channel, www.youtube.com/expertrealestatetips.
Ilyce is hosting the Clark Howard Show today on WSB Radio. Here's some more information about the mortgage insurance tax deduction mentioned on air. ...
In order to be able to take a capital gains tax exclusion when you sell your home, you have to have lived there at least two out of the last five years. This primary residence definition is critical to taking the tax exclusion when you sell. You cannot exclude capital gains from the sale of a vacation or second home.