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.
Real Estate Minute: IRS Tax Scams
Real Estate Minute with Ilyce Glink
Countdown to tax day: IRS SCAMS
Original Air Date: April 9, 2007
Capital Gains Tax Angle On Selling Second Home
How long you've owned property before you sell is a question that the IRS wants to know. It's primarily a tax question because how long you own your home relates specifically to how much tax you'll pay, if any, on the profits you earn when you sell. According to the IRS, if you own a home for less than a year and then you sell it, the profits are considered to be ordinary income. If you own the property for at least 12 months, you would pay capital gains tax at rates of up to 15 percent, plus state tax.
Ilyce Glink on WSB Radio – March 9, 2007
Clark Howard Show: On the show today, Ilyce talked about the IRS's dirty dozen tax scams and what you can do to avoid them. Also, would you pay your child to pass an AP test? You may not have to. The National Math and Science Initiative, announced yesterday, will pay your child $100 for every AP exam he or she passes. Teachers will be compensated for every student that passes. What do you think about that? Tune in to listen to hear how listeners responded.
Negotiating Repayment Of Credit Card Debt
Negotiating repayment of credit card debt can impact your credit score and your tax bill. One problem with offering credit card companies less than what you owe them is that you may have a hefty tax bill because the IRS views the settlement as "phantom income." If you negotiate and settle with your creditors, be prepared to pay the tax bill the following year. You should also - as part of your final agreement - get the credit card company to report your balance as "paid as agreed" or "paid in full."
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.
Give Gift Of Land With Quit Claim Deed
Land can be given as a gift through the use of a quit claim deed. No taxes need to be paid if the gift is valued at less than $12,000. You might need an appraisal to prove the value of the land to the IRS.
Real Estate Minute: More Tax-Reduction Strategies For Next April 15th
Real Estate Minute with Ilyce Glink More Tax-Reduction Strategies For Next April 15th Original Air Date: October 9, 2006
Real Estate Minute: Adjust Your Tax Withholdings
Real Estate Minute with Ilyce Glink October is the Time To Check on Your Year-To-Date Withholdings Original Air Date: October 5, 2006
Real Estate Minute: Paying Taxes on Free Gifts
Real Estate Minute with Ilyce Glink Protect the contents of your wallet for less Original Air Date: August 29, 2006
Gift Property May Cost Recipient In Taxes
Giving the gift of property may cost the recipient a lot of cash in taxes. There are other options for a person than giving away the property, so as not to cost the recipient much money in gift taxes. The person could give a portion of the property or the person can purchase the land and the giver can return the cost of the land to you each year. The best way to make sure the recipient of a gift of property is to sit down with an estate attorney and go over all your options.