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.
Capital Gains Tax Angle On Selling Second Home
How long you've owned property before you sell is a question that the IRS wants to know. It's primarily a tax question because how long you own your home relates specifically to how much tax you'll pay, if any, on the profits you earn when you sell. According to the IRS, if you own a home for less than a year and then you sell it, the profits are considered to be ordinary income. If you own the property for at least 12 months, you would pay capital gains tax at rates of up to 15 percent, plus state tax.
Ilyce Glink on WSB Radio – March 9, 2007
Clark Howard Show: On the show today, Ilyce talked about the IRS's dirty dozen tax scams and what you can do to avoid them. Also, would you pay your child to pass an AP test? You may not have to. The National Math and Science Initiative, announced yesterday, will pay your child $100 for every AP exam he or she passes. Teachers will be compensated for every student that passes. What do you think about that? Tune in to listen to hear how listeners responded.
Ilyce Glink on WSB Radio – February 25, 2007
On the show today, Ilyce talked about the new investment condo she bought and how much the investment property market has changed since 2004, when she signed the contract for purchase. Lisa called in and wanted to know how to best support her daughter as she launches a business and Jillian wanted to clear up some conflicting "friends and family" tax advice she received about her mother's property.
Timeshare Inheritance: Pay Property Taxes
When you get a timeshare inheritance you're responsible for property taxes and maintenance as if it were real property. Even if you don't want the timeshare, you're responsible for property taxes and maintenance until you can sell the timeshare. To determine what to do with the timeshare you may want to contact a real estate attorney.
Telephone Tax Refund
Alan Keiter, who runs the excellent website, www.myrateplan.com, dropped me a note today to let me know that he added a page to MyRatePlan today summa...
Property Transfer To Family: Inheritance Or Gift Best Way?
Should a person give a family member property or let the person inherit it? Ilyce tells the reader that inheriting property is better than receiving it as a gift because of the taxes involved. Putting the property in trust and bequeathing it to a family member upon the person's death helps the receiver avoid gift taxes.
Federal Tax Lien Lowers Credit Score
When a federal tax lien gets filed against you, your credit score will fall. What can you do to rebuild your credit score after you've paid off the tax lien? Paying your bills on time, not carrying a credit card balance and not closing old lines of credit all help boost your credit score.
More On Adverse Possession
Adverse possession is the legal term given to a person who takes real estate to be his own without the consent of the rightful owner. Some states do require the person who is claiming ownership to property that he or she knows might not be theirs or is not theirs, to pay the real estate taxes on that land. While adverse possession is hard to prove in urban areas, it can happen.
TurboTax 2006 Refund Estimator
On the Clark Howard Show this afternoon, a caller asked if going bankrupt would affect his taxes. Another caller wanted to know what effect deductions...
Alimony Results In Higher Tax Bill
A man is recently divorced and trying to figure out what his tax bill will look like. He sold his home with his ex-wife, but shouldn't have to pay capital gains taxes. The man will have to pay increased income tax on any alimony he receives.