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Taxes

Buying Home That Is Behind on Back Taxes

By | May 12th, 2007|

If homeowners don't pay your real estate taxes, the tax collector can seize your house and sell it for the back taxes that are owed. In most places, the taxes have to have been unpaid for at least a year or two and the homeowner has the right to catch up on the taxes by paying the interest that has accumulated plus any penalties or fees. The catch is, there is a period of time where the homeowner has the right to catch up with the back taxes payments and pay you back your investment plus interest.

Real Estate Minute: Tax Filing Extension

By | April 13th, 2007|

Real Estate Minute with Ilyce Glink Can’t get it all done? Everyone is entitled to get an extension on their taxes. Original Air Date: April 13, 2007

Real Estate Minute: Avoid Making Basic Tax Mistakes

By | April 10th, 2007|

Real Estate Minute with Ilyce Glink Avoid Making Basic Tax Mistakes Original Air Date: April 10, 2007

Federal Tax Lien Lowers Credit Score

By | January 17th, 2007|

When a federal tax lien gets filed against you, your credit score will fall. What can you do to rebuild your credit score after you've paid off the tax lien? Paying your bills on time, not carrying a credit card balance and not closing old lines of credit all help boost your credit score.

Tax Tips for Homeowners: J.K. Lasser’s Your Income Tax 2007

By | November 27th, 2006|

Ilyce reviews J.K. Lasser's Your Income Tax 2007. Although nothing much changed for homeowners and home sellers this year, it's worth going over the tax basics for those who made a move in 2006. If you're not sure what applies to you, talk to your accountant or tax preparer.

Short Sale Results In Large Tax Bill

By | November 12th, 2006|

Selling your home may seem like the solution when you're underwater on your debt, but not every lender will do a short sale. A short sale will also result in the IRS considering the amount forgiven by the lender as phantom income -- meaning you could face a huge tax bill the following year for the difference in the short sale.

Real Estate Minute: Think About US Taxes When Living Abroad

By | October 14th, 2006|

Real Estate Minute with Ilyce Glink Think About US Taxes When Living Abroad Original Air Date:

Mortgage Interest Tax Deduction Depends On Whether You Itemize

By | September 28th, 2006|

When you're getting ready to buy a home you need to take your income into account and also whether you itemize your tax deductions. The majority of Americans do not itemize on their taxes and so they don't benefit from the mortgage interest tax deduction. Learn how the mortgage interest tax deduction works and who benefits most from this tax break.

Quit Claim Deed Leads To Capital Gains Tax

By | June 18th, 2006|

When you receive ownership to a property through a quit claim deed, you also get the property at the cost basis that the previous owners had. This may lead to capital gains taxes when you sell the home. To know how much capital gains tax you will owe, contact a tax preparer such as an accountant or enrolled agent.

Paying Off Mortgage Brings Peace Of Mind

By | June 6th, 2006|

Should a homeowner take the proceeds from selling a business and pay off her mortgage? Paying off a mortgage is a good way to reduce your out-of-pocket cash expenditures each month. However, you have to make sure that you make enough by saving on interest, than you would if you invested the money. You also need to look at how much you will have to pay in taxes on the money.

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