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.
IRS Reminds Low to Middle Income Taxpayers of Savings Credit
It's November. Thanksgiving is next week. Taxes aren't due until April. It's still a good idea to plan ahead. The U.S. Internal Revenue Service issue...
Calculating Capital Gains
A homeowner bought his parents' house for $10 and wants to know what his tax burden will be. The IRS views the profit on the property as the sales price minus the $10 and any costs to sell or improve it, so he will pay taxes on a large profit. Since it is investment property, he'll owe long-term capital gains taxes on the profit.
Ilyce Glink on WSB Radio – October 21, 2007
This week on the Ilyce Glink Show, Ilyce talked about the new tax brackets that were announced by the IRS. She also answered plenty of tax questions, questions about contributing to, investing in and converting Roth IRAs. Tune in for more of your questions and Ilyce's answers and information on this week's show.
Selling A House And Keeping The Profits Tax-Free
The IRS allows homeowners to avoid having to pay any taxes on the gain from the sale of their home up to $250,000 for a single homeowner or $500,000 for married couples if the homeowner has lived in the home as his or her principal residence for 2 years out of the last 5 years.Is there any way to keep the profits of a home sale tax free if you've lived in the home less than two years? The IRS allows some circumstances to avoid capital gains.
IRS Announces New Web Page for Those Facing Foreclosure
The IRS announced today that it has posted a special web section (www.irs.gov/newsroom/article/0,,id=174034,00.html) at its website for homeowners who...
Short Sale When You Can’t Make Mortgage Payments
When you've bought a home and you owe more that the home value it may become difficult to make mortgage payments. Instead of falling behind on your mortgage payments you may want to contact your mortgage lender to set up a short sale. Be aware that when you sell your home through a short sale the IRS will treat the difference between the sale amount and what you originally owed the lender "phantom income."
Tax Hints For Selling Rental Property
Homeowners lived in a home for 2 years and then rented it out for the past two years. They want to continue renting it out, but they will sell now if that's the only way to avoid capital gains tax. The IRS website is a good place to check for the tax implications before making any real estate decisions.
Real Estate Minute: IRS Whistleblower Reward Paying Off
Real Estate Minute with Ilyce Glink IRS’s New Whistleblower Program Seems To Be Working