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.
Selling To Family Without Paying Gift Tax
Home owners wonders how to structure a deal where they sell their home to their daughter for a price less than value of the property. They must first determine if the transaction is a gift or a loan and how to deal with the IRS. If it is a gift, they need to talk to an estate planner to determine how to structure the transaction without triggering gift taxes that may be required to the IRS.
Assistance For First Time Home Buyers
A future home buyer is curious about government programs to help first time home buyers. Many programs to help first-time home buyers are local, but the Department of Housing and Urban Development (hud.gov) has an excellent website that explains many of its special first-time buyer programs.
Timing Sale Of Homes To Avoid Taxes
A homeowner is planning on selling two homes in the next few years. The timing of the home sales may affect current tax implications. They may be exempt from paying capital gains taxes if they move due to a change in job, but they should go to the IRS.gov website and download publication 523, "Selling Your Home" for more information.
Fixed Or Adjustable Rate Mortgage: Choosing The Best Mortgage For You
Fixed rate mortgage or adjustable rate mortgage (ARM) - choosing the best mortgage for you depends on your current situation. Ilyce advises a reader about whether a fixed or adjustable rate mortgage would be the best choice for his particular situation. Adjustable rate mortgages allow you to refinance, and save money as a opposed to a fixed-rate 30 year mortgage.
Home Repair Adds To Real Estate Investment Costs
When you buy a home as a real estate investment you need to also consider the costs it will take to maintain the home. Home repairs, home improvements and home maintenance can all add up and increase what it costs to keep your real estate investment in fine shape. Learn the different kinds of home repairs you should keep in mind when buying a home.
IRS Tax Refund: Pay Debt And Loans Down, Start IRA
Getting a tax refund from the IRS isn't much to brag about. If you're getting a tax refund from the IRS, you just gave the government an interest free loan by overpaying what you owed. There are some smart moves you can make with your tax refund from the IRS.
Get Your Taxes Done For Free
Tax time means paperwork, which is especially tough for those taxpayers who either lost a job or took on a second job last year to make ends meet. Tax preparation services can help, but you'll pay hundreds of dollars to have your tax forms filled out. The good news is, if you earned less than $35,000 last year, you can get your taxes done, for free, in Chicago.
1031 Exchange: IRS Rules For Investment Property Purchase
A father wonders if he can do a 1031 exchange and rent back the newly purchased investment property to his struggling son. Sam discusses the details of the 1031 exchange commonly known as Starker trusts, the IRS rules behind them and how they apply to investment property. One key point: a good real estate attorney will help you navigate the IRS tax rules about a 1031 exchange and how it applies to investment property.