Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
Tax Sale Value
Tax Sale Value Is Confusing to Owner A reader is confused about how to value a property that was bought at a tax sale. Q: My former step-dad purchased a property in 2018 at a tax sale. Since my mother had already passed, I assumed he bought it in his own name. I’ve recently been [...]
How Do I Minimize Taxes?
How do I minimize taxes for my parents? A reader wants to buy her parents' rental property and minimize taxes for them and for herself. Q: How do I minimize taxes for my parents? They have a rental property and own it without a mortgage. They want to sell it to me. Here’s the problem: [...]
Capital gains tax on inherited property?
Capital gains tax on inherited property? Q: My husband died and I am the beneficiary of his trust, which was transferred to me. Basically everything he owned is in the trust, including our home. I transferred the title to the home into my name. I took no money out of the trust and I didn’t [...]
Do we owe tax on the sale of our parents’ home?
Do we owe tax on the sale of our parents' home? Paying tax on the sale of your parents' home can be costly if you don't plan ahead. Q: My parents gave their house to their children but continued to live in it and pay all expenses related to the home. Life happened, and my [...]
How to Calculate Profits and Taxes on a Home Sale
How to calculate profits and taxes on a home sale. This reader wants to know how to determine profits, costs and taxes on a home sale. Q: I have a question about selling your home and trying to determine the cost basis for tax purposes. Is the profit the difference between the sale price of [...]
Is Mortgage Interest Deductible in 2020?
Is mortgage interest deductible in 2020? These homeowners have always deducted mortgage interest but their tax software is rejecting the entry this year. Q: Is mortgage interest still deductible on our federal income taxes? Is there something new that I am not aware of? Is there some reason to not have a mortgage that is [...]
Do I Have to Pay Tax on Property Sold Overseas?
Do I have to pay tax on property sold overseas? This reader wants to use funds from the property sale to invest in real estate in California. Q: I own a piece of real estate overseas and I’ve owned it for quite some time, even before I became a U.S. citizen. I would like to [...]
Coronavirus Relief: CARES Act 2020
Coronavirus relief: CARES Act 2020. How the $2 trillion coronavirus relief bill will help both families and businesses during the COVID-19 pandemic. The number of Coronavirus/COVID-19 cases in the U.S. continues to spike as more tests become available and states improve reporting procedures. In our coverage of the Coronavirus, we’ve watched the cases skyrocket from [...]
How Much Do I Have to Pay in Real Estate Taxes?
How much do I have to pay in real estate taxes? The answer can be found in the purchase contract that was signed at closing. Q: I am trying to find out about the real estate taxes on the home I bought just about two years ago. What I need to know is how much [...]
What Is a Good Salary? The Answer Will Surprise You
What is a good salary? The answer is surprising. The quality of life you can have on a certain salary varies drastically from city to city. A recent study by GOBankingRates looked at just how far a $100,000 annual salary goes in major cities across the country. Basic expenses, such as housing, utilities, groceries, transportation, [...]