Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
7 Big Life Events That Might Impact Your Taxes
7 big life events that might impact your taxes. How big life events like getting married, having a baby and inheriting money might impact your taxes. The IRS opens for business next week, and millions of Americans will start filing their federal and state tax returns. Online tax software companies guide you through the tax-filing [...]
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 [...]
What Are the Implications of Transferring an Investment Property to an LLC?
Purchasing an investment property as an individual that you plan to transfer to your LLC later can have a ripple effect on your liability and property taxes. Q: I own a limited liability company (LLC) that holds some rental properties free and clear. The commercial lenders I speak with aren’t interested in a loan smaller [...]
How to Determine Taxes After Selling an Inherited Home
How to determine taxes after selling an inherited home. When selling an inherited home, especially if it's out of state, consider how it'll impact taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each [...]
Selling a Two-Family Home: What Taxes Will You Pay?
When you’re selling a two-family home, your “cost basis” will determine the taxes you owe. Q: I am in the process of selling my two-family home I have owned it since 1997. I have done major repairs on the tenant’s apartment and am wondering how do I figure out the amount of the tax I’ll [...]
Selling a Home for No Profit. What Taxes Will You Pay?
Selling a home for less than it is worth, even to a family member, has implications for your taxes. Q: My nephew bought my mother’s house four years ago for around $400,000. At the time, my mother was having financial issues and needed money. He is now willing to sell it back to her for [...]
Transfer of Homeownership: What Taxes Will I Pay When I Sell?
When you sell your home, you have to pay taxes on the sale. As in this reader's case, factors like a transfer of homeownership can affect the taxes you pay. Q: I have read several questions on your site related to quitclaim deeds and the cost basis when the house is sold. My question is [...]
Last Minute Tax Hacks for 2017
If you've waited to the last minute to file your taxes, you probably need a few tax hacks to both reduce the amount of tax you owe and make sure that you don't run afoul of the IRS. Here's my list of favorite things you can do before your taxes are due: 1. April 18, [...]
4 Things Real Estate Investors Should Know at Tax Time
4 things real estate investors should know at tax time. Insights from a principal federal tax analyst on potential tax breaks for real estate investors. Real estate investors often have a lot of questions once tax time rolls around — especially if they're new to the game. That's because while there are a number of [...]
Own a Home? Top Tax Benefits of Homeownership
If you own a home, you're probably thinking about the top tax benefits of homeownership. But you may not know how your single biggest asset (your home) can help you save on your tax bill. You probably already know that your biggest asset could also help you save on your taxes. It's the "how" that's [...]