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.
Estate Planning Helps With Real Estate Decisions
When your family owns several real estate investments, it's important to do thorough estate planning so that the wishes of those who own the properties are met. How can you balance a property that needs repairs with ensuring an elderly relative's medical costs are still met? An estate planner can help decipher the tax laws and help make good decisions for the property owner and the children who stand to inherit the home.
Ilyce Glink on WSB Radio – December 4, 2005
Ilyce discusses tax decisions you need to make before the end of the year. Ilyce offers callers personal finance advice and real estate advice -- on topics ranging from increasing interest rates on adjustable rate mortgages to dealing with a lump sum retirement.
Auto Tax Bill Thirteen Years Late
A collection agency sent a letter regarding a thirteen year old bill that they never received. Unfortunately, it looks like the bill and the interest needs to be paid because the bill was for a city tax. It is always your responsibility to pay taxes, even if you never receive the bill. Make sure you don't ruin your credit score and keep track of your responsibilities to pay property tax, car tax, and any other bills.
Taxes On The Sale Of An Inherited House
The holding period for inherited property is considered long-term, no matter when it is sold after death. The favorable long-term capital gains rate (currently capping out at 15 percent) would apply versus the ordinary income tax rates that would apply if it was treated as a short-term capital gain.
Verifying Residence After Homestead Exemption Claim
A homeowner who filed for homestead exemption for a second time wants to know who verifies primary residence at a particular property. While the government might not be knocking at your door to make sure you live there, a local tax collector might verify that the property is a primary residence. Phone records, mail and voter registration are a few things used to determine primary residence.
New Tax System Cost To Homeowners
Information regarding President Bush's advisory panel on tax reform has begun to leak out. It is clear that the panel has talked about abolishing federal deductions and credits for mortgage interest, state and local taxes, charitable contributions, and the costs of higher education, among others. What does this news mean and how will it affect you?
IRS May Want Equity Forms For Quit Claim Deed Transfer
What do you have to do in terms of taxes if you gift your share of a property using a quit claim deed? It depends on how much equity you own in the property. If you have less than $11,000 in equity in a property you likely don't have to do anything. If you own more equity than that, then you may have to file forms with the IRS describing the value of your share of the property that you quit claimed. An accountant or estate planner should be able to help you determine the tax implications of signing a quit claim deed.
Second Home Cannot Be Primary Residence
In order to claim a home as a primary residence you have to live there for most of the year. You can't claim a second home, a vacation home or a retirement home a primary residence unless you plan to live there most of the time. If the IRS audits you they will look for certain records to prove a home is a primary residence.
Life Insurance Provides Cash After Death
Why should you buy life insurance? If you have a family or people who depend on you, life insurance can protect them if you die. Life insurance provides cash to beneficiaries you designate to help them with daily expenses and large bills such as mortgages.
529 Plan Helps You Save Money For College
How can you save money for college for you or your children? You can set up a 529 plan, which is named for the section of the tax code which covers it. A 529 allows you to invest money to be used toward college expenses such as books, tuition and computers. States may offer two types of 529 plans: a prepaid tuition plan or a college savings plan. Learn about 529 plans here.