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.
Ilyce Glink on WSB Radio – December 17, 2006
On her December 17th show, Ilyce talked with Kevin, who won a $62,000 jackpot in an Alabama casino slot machine about his winnings and his current and future tax issues. Charlie, a former casino banker, called in with some suggestions, as did Karen, a CPA. Then, we had on a caller who used to be a professional gambler. Several callers had questions about investments, and tune in to hear Ilyce's advice to Annie, a newlywed who in the past 18 months has paid for her wedding, honeymoon and bought a house, and now has a whole new set of priorities (including renovating her 125-year old home).
Negotiating Repayment Of Credit Card Debt
Negotiating repayment of credit card debt can impact your credit score and your tax bill. One problem with offering credit card companies less than what you owe them is that you may have a hefty tax bill because the IRS views the settlement as "phantom income." If you negotiate and settle with your creditors, be prepared to pay the tax bill the following year. You should also - as part of your final agreement - get the credit card company to report your balance as "paid as agreed" or "paid in full."
Today on the Ilyce Glink Show
We're talking about the Tax Extenders Act that passed in the wee hours of the morning on Saturday after a nearly all-night session on the Hill. I wond...
Ilyce Glink on WSB Radio – December 10, 2006
On her December 10th show, Ilyce talked about the Tax Extender's Act that passed over the weekend and some of the provisions the bill includes. We also discussed the news that two subprime lenders closed their doors last week, and Zillow.com is now allowing homeowners to post a "Make Me Move" price. Will that help you sell in a slowing market? Tune in and find out.
Pay Tax Bill On Home For Sale
A homeowner has his home on the market and has a property tax bill due next month. The homeowner is obligated to pay his property tax bill on time. During the closing a "proration" of taxes can be negotiated. The seller will pay for the percentage of the year you lived in your house. The buyer will pay for the percentage of the year he will have lived in the house.
Tax Tips for Homeowners: J.K. Lasser’s Your Income Tax 2007
Ilyce reviews J.K. Lasser's Your Income Tax 2007. Although nothing much changed for homeowners and home sellers this year, it's worth going over the tax basics for those who made a move in 2006. If you're not sure what applies to you, talk to your accountant or tax preparer.
Buy Insurance To Protect Rental Property
When you own multiple rental properties you may begin to worry about tenant lawsuits. Is creating an LLC a way to avoid lawsuits when you own rental property? Buying an umbrella liability insurance policy may be a better idea.
Helping Parent With Mortgage Payments
A son-in-law wants to help his widowed mother-in-law with her mortgage payments, but be able to deduct the amounts on his income taxes. Is a quit claim deed the best way to handle this for legal and tax purposes? If the son-in-law purchases the home, he could deduct the real estate tax payments and mortgage interest payments on his taxes.
More From The Ilyce Glink Show
Here's something I didn't get to on the show. Did You Vote Your Pocketbook? Did you vote your pocketbook? The New York Times today took a look at ho...
Today On The Ilyce Glink Show
We'll talk tax help (the J.K. Lasser 2007 book I mentioned in yesterday's post), the Bankrate checking survey, Wal-Mart's announced early Christmas Pr...