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.
Survey Dispute May Be Solved With Property Taxes
A new survey revealed a lot line closer to the neighbor's home, giving the homeowner an extra 10 feet. The neighbors claim that the survey is incorrect, and they own the 10 feet. The homeowner should stake the boundaries of their lot, and investigate the tax parcel to determine if it matches the survey. It might come down to who has been paying the taxes for the extra 10 feet.
Converting Your Conventional IRA To A Roth IRA
Charles called into Newstalk 750 WSB today. He's been putting away after-tax cash into his conventional IRA because he made too much money to contribu...
Figuring Capital Gains Tax On Inherited Property
When you inherit property you inherit it at the market value of the property the day the person who owned it died. This market value is your cost basis when you calculate taxes while selling the property. In addition to federal capital gains taxes you'll likely have to pay state taxes on the sale of the property inheritance. Learn how to calculate the taxes on a property inheritance.
Quit Claim Deed Leads To Capital Gains Tax
When you receive ownership to a property through a quit claim deed, you also get the property at the cost basis that the previous owners had. This may lead to capital gains taxes when you sell the home. To know how much capital gains tax you will owe, contact a tax preparer such as an accountant or enrolled agent.
Tax Increase Prevention and Reconciliation Act of 2005
The Senate couldn't pass a complete repeal of the estate tax. While there are enough votes to pass something, but isn't going to be a complete wipe-ou...
Sell Investment Property At Loss, Claim Tax Deduction
When you sell an investment property for less than what you bought it for you're selling it for a loss. You may be able to claim the investment property loss on your taxes as a tax deduction when you file your income tax but it depends on whether you work in real estate. To fully understand what kind of tax deduction you can take when you sell an investment property at a loss consult an accountant.
Paying Property Taxes Without Escrow Account
A mortgage lender wants to make sure that real estate taxes are always paid. If the real estate tax bill for your home isn't paid, the house could be sold to someone who agreed to pay the taxes owed and you and the lender could be left out in the cold. You could lose your home and the lender could lose its interest in the home. In some circumstances, however, lenders will waive the requirement of a tax escrow. The lender must feel assured that you will pay the property taxes, and in some states you must fulfill certain requirements.
Ilyce Glink on WSB Radio – April 9, 2006
On Ilyce's first anniversary show, she makes it a priority to help people become aware about identity theft. Protect yourself by getting your social security number off of your medical records and Medicare card. Ilyce also takes questions from retired folks regarding how to best save money, avoid taxes, and pay for unexpected expenses.
My Own Little Tax Hell
Arrrgh. I've just signed my tax return. Although Turbo Tax says our tax rate is only 16.1 percent (or a bit higher), it sure feels like we're paying ...
Stay Away From Refund Anticipation Loans
The National Consumers League (NCL), founded in 1899, sent out a press release this morning condemning refund anticipation loans (RAL). This isn't big...