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.
Life Estate On Home Could Lead To Gift Tax
Receiving a life estate in a home means the home belongs to you and you can do as you wish with the property, except for sell or transfer upon death of the holder. Giving someone a life estate could result in a gift tax. Talking with a real estate attorney should help determine a way to use a life estate without incurring a gift tax.
Ilyce Glink on WSB Radio – May 7, 2006
Ilyce reports live from the Georgia World Conference Center at The Learning Annex Real Estate Wealth Expo. Ilyce opens the program discussing a recent report in the Wall Street Journal regarding home down payment gifts. These programs assist first time buyers with down payment loans. Often a kick back, or money going from seller to lender, would circumvent FHA rules. The IRS is now limiting home down payment gifts and even calling them "schemes." Ilyce answers questions regarding how to appropriately deal with the inheritance of cash or property and she answers an investment question regarding the use of IRA money to invest in real estate.
Switching IRA Due To High Charges
To be responsible for your personal finances and retirement savings, you should always evaluate charges to accounts. A low balance fee, especially if you're already paying a maintenance fee, may be unnecessary. If you are being hit with extra charges on your savings accounts, investigate switching to a different financial institution. You should be able to make the switch happen electronically, so there is no withdrawal on the account, and you won't be taxed or penalized by the IRS.
Stay Away From Refund Anticipation Loans
The National Consumers League (NCL), founded in 1899, sent out a press release this morning condemning refund anticipation loans (RAL). This isn't big...
Cost Basis Determines Taxes On Home Sale
When someone gives you a home what cost basis do you use when you sell it? Cost basis for taxes may include the original market value of the home as well as home improvements. After you've figured out the correct cost basis you can find out how much you'll owe in capital gains taxes. For more information on capital gains taxes and home sales visit the IRS Web site.
Today On The Clark Howard Show
Here are some of the topics and information we discussed today on the Clark Howard Show: IRS E-MAIL SCAMS: Watch out for these. They look legitimate,...
Get Your Refund
It isn't just American's waists that are growing. The IRS says that the number and size of IRS refunds are growing as well. USA Today (www.usatoday.c...
How To Receive Your Income Tax Refund
When you file your income taxes and are eligible for a tax refund you can receive the money in a number of ways. One way to get your income tax refund is to have the money direct deposited into a bank account. Another way to receive your tax refund is to get a stored value card from a tax preparer such as H&R Block. Is a stored value card a good way to get your income tax refund?
New Tax Ruling Allows For Exception To Capital Gains
A new IRS ruling describes how much gain you can exclude in certain circumstances, including death of a spouse, accepting a new job in another location, divorce and medical issues. A homeowner who bought a house, upgraded it, then had to sell because of a medical condition, should be able to exclude at least part of the taxes.
Bringing The Future To The Present When Buying Your First Home
Bringing the "future to the present" is a phrase my friend Michael Alter, president of SurePayroll, likes to use when working on closing a sale in business. Bringing the future to the present allows home buyers to eliminate potential obstacles to a deal and get it done. It allows pre-buyers, those who are still in the dreaming stage, to organize their thinking and figure out what kinds of steps they need to take to achieve their goal of homeownership.