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.
LIfe Insurance, Estate Taxes And Home Value Questions
Is life insurance a good idea after divorce? Would selling a home for $1 reduce estate taxes? What's the best way to figure out a home's value? These questions answered on WGN.
Property Taxes May Be Split Between Buyers And Sellers
When you buy a home who pays the property taxes for your first year will depend on when you bought the home and where you bought it. In some cases buyers and sellers split the cost of property taxes. How much of the property taxes buyers and sellers pay may be determined by prorating the amount.
Buying A Home Increases Assets
Buying a home increases assets and builds wealth. The federal government introduces programs from time to time to encourage home ownership, especially for minorities. Learn about the housing market including federal government programs that are aimed to boost home ownership levels.
Executives Take Advantage Of Corporate-Owned Homes
The Wall Street Journal reported on multi-million dollar residences corporations are buying for the use of the CEO. How much does is cost to purchase and maintain these homes. How much are the executives paying to live there? How is this getting reported to the IRS? Ilyce's assessment may surprise you.
Making The Most Of Your Tax Deductions
If you made any donations last year, it's time to find the value of those deductions. Donated items must have been donated by the end of the year, and the total value of the deduction can't exceed 50 percent of your adjusted gross income. If the value of a donated item exceeds $500, you'll need to file a special form with the IRS.
Income Tax Scams To Watch Out For
When you're getting ready to file your income taxes you may hear about ways to cut your tax bill. Income tax scams abound so you need to be very careful when someone tells you they know a way that you can pay less in taxes. Among the tax scams is one where you can take deductions for a home based business.
Home As Checkbook
As with the stock market, when home values rise, Americans feel richer. With home prices rising at double-digit speeds (as opposed to the more "normal" 3 to 5 percent average annual appreciation), homeowners see their net worth increasing - in other words, they are worth more. In some cases, it's enough to make up for the dismal performance of the stock market over the past three years.
Mailbag: Taxes, Refinancing And Legal Advice
Taxes, refinancing and where to go for cheap legal advice are included in the mail bag this week.
Smart Tax Moves To Make Before December 31
If you're hoping to trim your 2001 tax bill, you'll need to plan now, and make your move before the end of the year. The steep drop in the stock market and lower tax rates starting in 2002 make it a whole new ball game.
2001 Tax Rate Changes Explained
Two weeks ago, as part of The Economic Growth & Tax Relief Reconciliation Act of 2001, the new tax rates went into effect. With all the hullabaloo about how much money everyone was going to save, the effects on your paycheck won't be as dramatic as all the fireworks that came along with the rhetoric. Take a look at how your paycheck might change: