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.
Paying IRS Back Taxes
You cannot quit claim the deed to your house instead of paying back taxes. You must sell your property, then the IRS will take what it is owed on your taxes.
Understanding LLCs For Rental Properties
An LLC is a distinct type of entity that is neither a partnership nor a corporation. Instead, and LLC is a company structure that allows owners to have limited liability in case the company has difficulties. Unlike a corporation, an LLC does not have shareholders, but rather it has members.
Real Estate Agent Is Not Tax Advisor
When you sell a rental property you'll owe capital gains tax on the sale, even if you buy a primary residence in the same year. One alternative to reduce your tax burden is to do a 1031 tax free exchange, but that means you have to buy a second rental property. A 1031 exchange may not be used for a primary residence. You might expect your real estate agent to make you aware of these tax implications but agents help buy and sell homes, they are not tax advisors.
Avoid Capital Gains Tax With Primary Residence
When you're selling a home you have to have lived there at least two out of the last five years in order to avoid capital gains tax. How can you prove you've lived in a home for 24 months? You need to have documents such as voting records, phone and mail records available for the IRS in case you get audited.
Real Estate Minute: Scam The IRS
Real Estate Minutes
A convicted felon says it’s easy to scam the IRS. And that should make all of us very worried.
Real Estate Minute: Late Tax Payment Options
ILYCE GLINK MINUTES What to do if you can’t pay your IRS tax bill in full
Real Estate Minute: Tax Filing Extension
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: Tax Deductions Can Raise Red Flag
Real Estate Minute with Ilyce Glink Watch your deductions this year to avoid getting audited Original Air Date: April 12, 2007
Real Estate Minute: IRA Deadline
Real Estate Minute with Ilyce Glink Last week deadline for IRA Original Air Date: April 11, 2007
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