Most lenders will run a lien check from the IRS. Lenders require the lien to be paid off prior to lending you any money. The IRS has first dibs, even before a mortgage lender, to any proceeds available when you sell your home.
When you own two homes, and one is a renovation that you planned to flip, where should you live? It depends in part on the tax consequences of selling the homes. It may make sense to move from your current home into the renovated home so you will pay lower capital gains taxes on the home sale. You can live in the renovated home for a few years and then sell it as well for more profit and a better capital gains tax amount.
Anyone who can't file their return by midnight on April 15 can get an automatic four month extension. That gives you time to complete your return, but you still have to pay any taxes that would be due today or owe interest and penalties on top of the tax owed.
The latest trend in identity theft is to steal social security numbers and file a false tax return. Avoid identity theft and tax fraud by protecting your social security number and personal information.
Two weeks to go until your federal and state income taxes are due. Although tax brackets went down this year, many Chicagoans still feel their taxes are too high. If you haven't filed, there are some ways you might be able to lower your tax bill.
Get organized for tax time. For the basic stuff you need to create an easy filing system for your house files, check out office supply stores or warehouse stores like Sam's and Costco. To help make sense of your tax return, try online programs like Turbotax, and use programs like It's Deductible to determine the true value of your donations
Tax time means paperwork, which is especially tough for those taxpayers who either lost a job or took on a second job last year to make ends meet. Tax preparation services can help, but you'll pay hundreds of dollars to have your tax forms filled out. The good news is, if you earned less than $35,000 last year, you can get your taxes done, for free, in Chicago.
Does paying property tax on a family member's property give the tax payer ownership? Generally, the payment of real estate taxes alone is not sufficient to give the tax payer ownership rights to a property. In addition to paying property taxes, you likely should have lived in the home and paid for its upkeep.
The economy grew at a blistering 7.2 percent pace this quarter, fueled by the IRS refund checks that arrived in most Americans' mailboxes. Did you get yours? If not there's still time to claim that missing money.
