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.
Cost Basis Determines Taxes On Home Sale
When someone gives you a home what cost basis do you use when you sell it? Cost basis for taxes may include the original market value of the home as well as home improvements. After you've figured out the correct cost basis you can find out how much you'll owe in capital gains taxes. For more information on capital gains taxes and home sales visit the IRS Web site.
Estate Planning Can Prevent Future Confusion
When you lose your spouse and your spouse did not have a will it may make transferring assets such as a home confusing. Estates without a will have to go through probate, which can take some time. Learn how to clear up the ownership of a home and provide your children with clear legal ownership if something should happen to you.
Owing Back Taxes After Foreclosure
After a home is foreclosed on, do you still owe the back taxes? You must determine if the foreclosure of the home and subsequent sale of the home by the lender produced enough cash to satisfy your debt to the lender. In some cases, lenders don't go after the difference from the borrower. However, in other cases, lenders keep will pursue that homeowner until they get all they can. A deficiency judgment would be the difference between what the lender got from the sale of the home and what you still owe the lender. The deficiency judgment gives the lender the right to continue to go after you for that amount of money.
Get Your Refund
It isn't just American's waists that are growing. The IRS says that the number and size of IRS refunds are growing as well. USA Today (www.usatoday.c...
How To Receive Your Income Tax Refund
When you file your income taxes and are eligible for a tax refund you can receive the money in a number of ways. One way to get your income tax refund is to have the money direct deposited into a bank account. Another way to receive your tax refund is to get a stored value card from a tax preparer such as H&R Block. Is a stored value card a good way to get your income tax refund?
Utilizing Father’s Tax Credit
So, you have a huge tax bill from a real estate sale and your father has a large tax credit from capital losses. Can you make a tax deal with the real estate and avoid the scrutiny of the IRS? Normally, one individual cannot use the capital loss of another for a tax credit, and there may be legal and ethical implications of this deal.
Ilyce Glink on WSB Radio – March 12, 2006
Ilyce begins the show talking about her recent experience on a regional jet and the airline industry in general. Ilyce then takes calls on topics from dealing with tax issues on buying and selling land to funding multiple retirement accounts.
Tax Returns Are Taxing The Wallet
How much should you pay to file your taxes? According to a new survey from the National Society of Accountants, the mean cost of preparing a non-itemi...
Limiting State Tax On Capital Gains
A seller is selling their home in California and buying a new home in Idaho and wants to limit his state tax liability on capital gains. The "rollover replacement" rule was thrown out and replaced by newer tax laws that will benefit this home seller. The seller probably doesn't owe any state tax on his capital gains in California.
Limiting Taxes On Great Real Estate Investment
Making a large profit off of a home sale is a dream -- until it's time to think about capital gains. But a home seller may be able to keep up to $500,000 in profits without capital gains taxes if they meet certain requirements. The profit of a house is calculated by the sales prices minus costs and improvements.