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.
Tax Implications Of Flipping Real Estate Before Construction
This reader is hoping to flip a property before it is constructed but is concerned about the tax implications. Ilyce explains if you make a profit by selling something that you own, even if it's real estate that gets flipped before construction is complete, you have a taxable gain. Just what kind of tax gain you would get flipping pre-construction real estate, hinges on the question of what it is that you bought and when you are considered to have made the purchase under tax law.
Transfer Tax Requires Declaring Personal Property
A buyer is purchasing a home in a community that requires the buyer to pay a transfer tax. The buyer is allowed to deduct the amount of "personal property" that is part of the deal. Now the buyer is trying to figure out exactly what qualifies as "personal property".
Rental Property, Equity And Taxes
When you own property with a parent or manage a rental property for a parent and then want to get money out of that investment property, it can result in tax consequences. When you want to get some equity out of a rental property you need to think carefully about how to proceed. If the parent quit claims the property to the child, the child inherits the cost basis of the property when it was purchased, which may be high.
Estate Tax Law Changes For 2006
Estate tax laws are changing. The biggest change is the increase in the amount that can be passed down to heirs estate tax free - it has moved from $1...
Estate Planning Includes Taxes And Annual Law Changes
When you're planning your estate there's lots of factors to consider and federal tax law tends to change annually so it's important to be aware of what limits apply to the years you're interested in. In addition to federal taxes you'll want to take into account state taxes and capital gains taxes. An experienced estate attorney can help you navigate through estate planning regulations to successfully secure your estate.
Frequently Asked Tax Questions and Answers
Ilyce Glink interviews Chet Burgess, Enrolled Agent. They discuss the biggest mistakes individuals and small business owners make on their tax returns.
Income Taxes: Save Money, Give Less Legally To IRS
There are several legal ways to save money on your income taxes and give less to the IRS. One way to legally save money on your income taxes and give less to the IRS is by paying your January mortgage payment in December. You can also save money legally on your income taxes and give less to the IRS by donating appreciated stock to your favorite charity.
IRS Tax Deductions: Small Business Owners Can Save Money On Taxes
In this column, Ilyce itemizes several IRS tax deductions small business owners can use to save money before filing taxes. One of the IRS tax deductions small business owners can use to save on taxes is the Section 179 Deduction. Another IRS tax deduction small business owners can use to save money on taxes is a retirement plan deduction.
New Tax Rules For Business Taxpayers
There are plenty of new tax rules that small business owners need to know about. Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia.gives some good small business tax advice from Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia. He says that calculating some of these deductions are very complicated, so business owners should pass it along to a tax professional.
New Tax Rules For Individual Taxpayers
There are plenty of important new tax rules for individuuals that you need to know about. Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia, explains some of the new rules. The tax breaks are related to Hurricane Katrina, dependent children and investment property,