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.
How To Purchase Fixer-Uppers For Renovation And Resale
Flipping real estate can be lucrative if you get the right financing and like to make home improvements. How can you finance the purchase of a fixer-upper? Try finding a partner, using a 203(K) rehab loan from FHA or finding a HUD home.
Back Taxes Owed On Foreclosed Property
After purchasing a property in foreclosure, you could receive a notice for back taxes. Make sure you get the title commitment and owner's title insurance at the time of purchase. Even though it is a foreclosure property, you need to make sure all title problems and tax issues are resolved.
Gifting Real Estate With Minimum Gift Taxes
When you're giving property as a gift, do you're homework to minimize the gift taxes. If you want to give real estate as a gift and not pay high taxes to the IRS, you have to take a few important steps, and consulting an attorney will help you take them. Ilyce Glink walks you through the basics of gifting property with minimum gift taxes.
Selling Investment Property And Avoiding Capital Gains Taxes
A lucky investment property owner is debating whether to flip a property and make a profit or using it as a primary residence for two years to defer capital gains taxes. Before making a decision about selling, figure out whether you want to keep doing this as a business and if so, consider using a 1031 exchange to purchase a replacement investment property.
J.K. Lasser’s Homeowner’s Tax Breaks
There are 65 million homeowners in the U.S. and there are almost as many tax savings opportunities offered to them. Unfortunately, beyond the most com...
Selling Your Home With Mortgage Prepayment Penalty
When you sell your home you may face a mortgage prepayment penalty if you still have a mortgage loan. In addition you may have to pay taxes on the profit from the sale. To determine the best way to structure a real estate sale when you have a mortgage loan with a prepayment penalty you should contact a real estate attorney and accountant.
Property Taxes May Be Lowered With Exemptions
Learn about property taxes in the Chicago area. Property owners who don’t claim their homeowner exemptions may find that property taxes rise considerably in the years to come. Property tax exemptions include those for seniors who own homes.
Timing Sale Of Homes To Avoid Taxes
A homeowner is planning on selling two homes in the next few years. The timing of the home sales may affect current tax implications. They may be exempt from paying capital gains taxes if they move due to a change in job, but they should go to the IRS.gov website and download publication 523, "Selling Your Home" for more information.
Back Taxes May Include Unpaid Unemployment Taxes
When you're an employer you're supposed to pay an unemployment tax for your employees to the state where you live. The state of Illinois changed the unemployment tax rate and some employers had not kept current with their taxes. Those employers now owe back taxes for unemployment taxes.
Pay Off Car Loans Or Mortgage First?
Should I pay off my house loan or should I pay off my other debts first? If you come into some extra cash, first check if you own any taxes on the cash. Then you should pay off the non-deductible debts first, then take the savings from paying off those loans and apply it to other debts like a mortgage. If you come into some extra cash, first check if you own any taxes on the cash.