Real Estate Minute: Avoid Making Basic Tax Mistakes
Real Estate Minute with Ilyce Glink Avoid Making Basic Tax Mistakes Original Air Date: April 10, 2007
Federal Tax Lien Lowers Credit Score
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
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
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
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
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
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
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.
How To Receive Your Income Tax Refund
When you file your income taxes and are eligible for a tax refund you can receive the money in a number of ways. One way to get your income tax refund is to have the money direct deposited into a bank account. Another way to receive your tax refund is to get a stored value card from a tax preparer such as H&R Block. Is a stored value card a good way to get your income tax refund?
Utilizing Father’s Tax Credit
So, you have a huge tax bill from a real estate sale and your father has a large tax credit from capital losses. Can you make a tax deal with the real estate and avoid the scrutiny of the IRS? Normally, one individual cannot use the capital loss of another for a tax credit, and there may be legal and ethical implications of this deal.