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.
Pay College Expenses With Qualified Tuition Program
A qualified tuition program is another name for a 529 plan, which allows you to save and invest money for college expenses. 529 plans or QTPs provide people with special tax benefits, such as accumulating earnings tax-free, if you meet education expense levels. QTPs may also be set up by educational institutions themselves.
Selling Commercial Real Estate And Tax Deduction
When you want to sell commercial real estate to a non-profit such as a church, the group may not be able to pay you full property value. What can the non-profit do to make the commercial real estate sale worth it for the seller? The group may be able to offer the seller a tax deduction in exchange for a cash contribution in addition to the property. It's important to involve an attorney in the transaction.
Using Transfers To Avoid Taxes May Be Unlawful
The home buyer wants to purchase a home his father and uncle inherited but avoid as many taxes and a reassessment of the property if possible. He wonders if a transfer of the property is the right move to avoid taxes. Transfers maybe unlawful and a local attorney who knows about intra-family transfers should be able to help with this property transaction.
Real Estate Attorney Can Sort Out Title
After paying back and current taxes on a property that was quit claimed to you, can you take full title to a property? The answer? It depends on how the quit claim deed was drafted and what its intent was.
Selling Rental Properties Tax Free
Want to sell rental properties tax free? A 1031 tax-free exchange is the best option for rental property. There are other ways to sell rental properties tax free, but 1031 exchanges represent the most viable method.
Deductions For Home Office Expenses
Considering taking a deduction for home office expenses? If so, this article on home office deductions is a must read.
Calculating Buyer Closing Costs
Buyer closing costs can rack up in a hurry. Here's a detailed look at all of the closing costs you might have to pay when you buy a home.
We updated this article June 2009, take a look at the updated closing costs for buyers.
Buying A Home During Real Estate Market Bubble
What should you do when you buy a home at the height of a real estate bubble? Should you try to rent out your other property or sell it? And what effect does not having a spouse's name on a title have on the capital gains tax you pay upon sale? Is it a good idea to take the money you receive as income from your rental property and use it toward the mortgage for your primary residence?
Limiting Taxes On The Sale Of Property
If you've sold your home, there are several options for minimizing the tax burden on the sale of the property. The cost of making improvements in your home will be taken out of the profit, which will leave less room for taxable gain. Living in the property for two of the last five years will also let you keep your profits tax free.
Taxes For Contest Winners
When you win a contest, it's like winning the lottery. You get the goods but you have to pay tax on your winnings as personal income rather than capital gains. The difference can be pretty dramatic in terms of taxes owed. Many people choose to take a cash payment instead of the prize, because they will have the cash to pay any applicable taxes.