The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
Taxes On Inherited Home Sale
If you inherit a home, you would pay tax on the difference between the value of the home at the time the owner died and the sales price of the home when you sold it. You know the sales price for the home, but you may or may not know the value of the home at the time the owner died. Generally, if the property is sold within a year of the time of death, that sales price is a good indication of the value of the home.
Rental Property As Tax Liability
Homes used as rental property are considered investment property by the IRS. As an investment property, you can either pay the taxes owed upon sale of the property, or defer the payment of real estate taxes due upon the sale. If you choose to defer the taxes you owe, you'd utilize Section 1031 of the Internal Revenue Code.
IRS Wants To Ensure Armed Forces Get Stimulus Payment
If you're serving in the military and receive non-taxable combat pay, you may want to report it on your tax form anyway, to ensure you will receive a ...
IRS Announces Biggest Tax Scams
The United States Internal Revenue Service (IRS) announced the 12 biggest tax scams for 2008. They are: 1. Phishing 2. Scams related to the economic ...
IRS Home Sale Exemption
If you lost a spouse, do you still qualify for the $500,000 home sale exemption when selling your primary residence? A new law permits widowed spouses to take the married exemption if the house is sold within two years. The exemption allows sellers to keep $250,000 in profits tax-free or $500,000 if married.
How to Pick the Right Tax Preparer
More than half of the 120 million U.S. taxpayers hired a tax preparer last year, according to the Chicago Better Business Bureau. And not all of them ...
IRS Announces 1031 Exchange Safe Harbor For Personal Use
If you own rental property and want to sell it to buy other property, you may want to consider a 1031 exchange. It allows you to not pay taxes because...
How Do I Get My Rebate?
President Bush just signed the stimulus package that authorizes the U.S. Internal Revenue Service to send every taxpayer $600 to $1200 (couples). To ...
IRS Issues Guidance On Mortgage Debt Forgiveness
This morning, the IRS finally issued guidance on how homeowners who completed a short sale, and had their mortgage debt forgiven by lenders, can file ...
Ilyce Glink on WSB Radio – February 3, 2008
On today's Ilyce Glink Show, Chet Burgess, an enrolled agent who also owns Brookwood Tax Service sat in to answer WSB listener tax questions. Chet and two other EAs, Mary Brody and Bill Nemeth, stayed after the show to answer even more tax questions. Ilyce also discussed some of the new IRS scams making their way around the country. Don't forget to check out Ilyce's newest all-video site, www.expertrealestatetips.net.