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 May Want Equity Forms For Quit Claim Deed Transfer
What do you have to do in terms of taxes if you gift your share of a property using a quit claim deed? It depends on how much equity you own in the property. If you have less than $11,000 in equity in a property you likely don't have to do anything. If you own more equity than that, then you may have to file forms with the IRS describing the value of your share of the property that you quit claimed. An accountant or estate planner should be able to help you determine the tax implications of signing a quit claim deed.
Real Estate Contracts Answer Buyer And Seller Questions
Real estate contracts often contain the answers to your real estate questions. In this article, the buyers rejected the seller's response to a request for repairs. The seller claims they never got the fax and assumed the buyer accepted their response. Now, the buyer wants to walk away, but can they walk away? Ilyce Glink and Samuel Tamkin offer some helpful real estate advice to a homebuyer in need.
Ilyce Glink on WSB Radio – October 2, 2005
Ilyce starts off her show talking about holiday gifting at work, and specifically for the boss. Ilyce then takes calls on topics from dealing with the IRS on a past bankruptcy to figuring out when to start taking Social Security, while still working. Ilyce also talked about how there is an increased emphasis on allowing consumers who pay their bills and rent on time to use those on-time payments to help improve their credit. the National Credit Reporting Association is teaming up with PRBC (www.prbc.com), which is a national credit bureau specializing in collecting and updating what the industry calls "non-traditional" credit (like on-time payment of utility bills, rental payments, etc). If your traditional FICO credit score is low, your PRBC credit score might be higher. Log onto www.prbc.com for details on how to use non-traditional credit sources to qualify for a mortgage loan.
IRS Allows Exemption For Medical Reasons
Typically, you have to live in your home as a primary resident for two of the past five years in order to take a certain amount of profits capital gains tax-free. However, the IRS has recently loosened some of these restrictions for people who have to sell for medical reasons, divorce and other personal calamities. The IRS allows you to take a proportionate share of the sale tax free.
Second Home Cannot Be Primary Residence
In order to claim a home as a primary residence you have to live there for most of the year. You can't claim a second home, a vacation home or a retirement home a primary residence unless you plan to live there most of the time. If the IRS audits you they will look for certain records to prove a home is a primary residence.
1031 Reverse Exchange May Be Better Option Than 1031 Exchange
In a 1031 exchange, a real estate investor purchases a similar investment property to replace another property, and is able to defer any federal income taxes owed. But the IRS has strict timelines for 1031 exchanges and sometimes a 1031 reverse exchange may be a better option though it could be more expensive.
529 Plan Helps You Save Money For College
How can you save money for college for you or your children? You can set up a 529 plan, which is named for the section of the tax code which covers it. A 529 allows you to invest money to be used toward college expenses such as books, tuition and computers. States may offer two types of 529 plans: a prepaid tuition plan or a college savings plan. Learn about 529 plans here.
First Time Home Buyer Asks How To Make Offer On House
When you're a first time home buyer it may be difficult to figure out how much to offer on a home. To determine how much to offer you should look at the neighborhood you're interested in, what other homes are selling for in that neighborhood and what the tax assessor says about the homes in that location. Once you've done your research as a first time home buyer you'll be more knowledgeable to make an offer on a home.
Making Changes To Home’s Title
Adding names to a home's title can be complicated with the IRS. Putting names on a title can be considered a gift and have large tax implications. If you want to add names to a title to help with your estate planning, it's important to consult an estate attorney or estate planner.
First Time Home Buyers, Real Estate Market Change With Time
Ilyce reflects on how first time home buyers and real estate market has changed since she wrote the first edition of 100 Questions Every First-Time Home Buyer Should Ask. First time home buyers are more knowledgeable about the real estate market and what to look for since 1993. First time home buyers can also use the internet to research the real estate market before making decisions like choosing a broker or look up unfamiliar real estate terms.