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.
IRS Announces 1031 Exchange Safe Harbor For Personal Use
If you own rental property and want to sell it to buy other property, you may want to consider a 1031 exchange. It allows you to not pay taxes because...
Estate Planning Includes Assets Transfer and Medicare
As parents age they may want to transfer the title of a property to their offspring. How does a property transfer affect Medicare benefits? There may be a better way to achieve the goals aside from a property transfer.
How Do I Get My Rebate?
President Bush just signed the stimulus package that authorizes the U.S. Internal Revenue Service to send every taxpayer $600 to $1200 (couples). To ...
IRS Issues Guidance On Mortgage Debt Forgiveness
This morning, the IRS finally issued guidance on how homeowners who completed a short sale, and had their mortgage debt forgiven by lenders, can file ...
Budget Extra If You Own A Car In These 5 States
Edmunds.com, an auto Web site where you can figure out how much your car's worth, just announced which states cost owners the most and least to own a ...
Ilyce Glink on WSB Radio – February 3, 2008
On today's Ilyce Glink Show, Chet Burgess, an enrolled agent who also owns Brookwood Tax Service sat in to answer WSB listener tax questions. Chet and two other EAs, Mary Brody and Bill Nemeth, stayed after the show to answer even more tax questions. Ilyce also discussed some of the new IRS scams making their way around the country. Don't forget to check out Ilyce's newest all-video site, www.expertrealestatetips.net.
More Help To Pay Your Tax Debt
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.
Handle With Care: Tax Refund Loans
As tax season gets closer you're probably hearing lots of ads for tax refund anticipation loans. These loans give you money now that you normally rece...
Tax Help For Mortgage Forgiveness
Homeowners taking a loss when selling can now get tax help. The tax help is part of the Mortgage Debt Forgiveness Relief Act. Under the new rule, taxpayers can exclude up to $2 million of mortgage debt forgiven in 2007, 2008, or 2009 on their primary residence.
Divorce, Fraud and Home Sale
When you get divorced you may have to sell your home. Depending on how the home was owned each spouse should receive a fair share of the home sale profits. If during the sale, your former spouse forges your signature on the home sale documents, it may be considered fraud. It's critical that you meet with a divorce attorney to understand your rights and ensure that you get the money that's due to you and the money from the home sale is handled correctly for taxes.