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.
Real Estate Minute: IRS Whistleblower Reward Paying Off
Real Estate Minute with Ilyce Glink IRS’s New Whistleblower Program Seems To Be Working
Paying IRS Back Taxes
You cannot quit claim the deed to your house instead of paying back taxes. You must sell your property, then the IRS will take what it is owed on your taxes.
Trust Helps Save On Inheritance Tax
Setting up a trust for inheritance purposes ensures that assets are divided the way the deceased person wanted. A trust can also help save on inheritance taxes. Upon death, the assets in the trust are divided up among the beneficiaries.
Understanding LLCs For Rental Properties
An LLC is a distinct type of entity that is neither a partnership nor a corporation. Instead, and LLC is a company structure that allows owners to have limited liability in case the company has difficulties. Unlike a corporation, an LLC does not have shareholders, but rather it has members.
Buying Home That Is Behind on Back Taxes
If homeowners don't pay your real estate taxes, the tax collector can seize your house and sell it for the back taxes that are owed. In most places, the taxes have to have been unpaid for at least a year or two and the homeowner has the right to catch up on the taxes by paying the interest that has accumulated plus any penalties or fees. The catch is, there is a period of time where the homeowner has the right to catch up with the back taxes payments and pay you back your investment plus interest.
Real Estate Agent Is Not Tax Advisor
When you sell a rental property you'll owe capital gains tax on the sale, even if you buy a primary residence in the same year. One alternative to reduce your tax burden is to do a 1031 tax free exchange, but that means you have to buy a second rental property. A 1031 exchange may not be used for a primary residence. You might expect your real estate agent to make you aware of these tax implications but agents help buy and sell homes, they are not tax advisors.
Income Tax Owed On Short Sale
Homeowners sold their home for less than the mortgaged amount, which is known as a short sale. The IRS considers this as a gift from the lender and will collect income tax on the amount forgiven. The forgiven amount of the loan is commonly referred to as "phantom income" simply because it doesn't exist in your pocket or bank account. So, the seller now owes tax on what the IRS views as earned income.
Real Estate Minute: Late Tax Payment Options
ILYCE GLINK MINUTES What to do if you can’t pay your IRS tax bill in full
Real Estate Minute: Property Tax Cut Approved by Georgia Legislature
ILYCE GLINK MINUTES Property Tax Cut Approved by Georgia Legislature
Today on the Ilyce Glink Show — April 15, 2007
We're celebrating earth day a little early today. My guest on the show will be Sergio Palleroni, a sustainable design expert, architect, and professor...