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.
How Do You Withdraw an After Tax 401(k) Contribution?
What happens when you make after tax contributions to a 401(k) plan and you now need the money? Can you withdraw just the after tax contributions and not pay any tax? Or, will the IRS require you to withdraw the funds in a proportionate way, based on the total amount in the plan?
Capital Gains Tax Changes If Primary Residence Includes Rental Property
Renting out part of your primary residence will change how your capital gains tax is calculated when you later sell. If you didn't have a rental property as part of your primary residence, you could save taxes on up to $250,000 of profit from the sale, if you're single. When you have a rental property as part of your primary residence you have to consider what percentage of your property is considered the rental property and your capital gains tax will change. How you use a property affects what kinds of tax deductions you can take and also how much capital gains tax you pay upon sale. You should consult a tax preparer for more advice when you have a rental property as part of your primary residence.
Adding a Name to a Mortgage
It's not that simple to just add a name to a mortgage. To add your name to a mortgage, you would have to be one of the owners of the home. Depending on the reasons, it might not be necessary or beneficial to add a name to a mortgage loan.
Automatic Extension for 2003 Tax Return
If you still haven't filed your 2003 tax return, you're running out of time. Your automatic tax extension is almost up.
Back Taxes Overpaid From Incorrect Assessment
The county assessor's office incorrectly classified a single-family home as a three-family building. With the mistake corrected, the homeowner wants to know if she can receive a refund for the overpayment of back taxes.
Property Cost Basis Stays Same In Divorce
When divorce happens, one spouse will often buy out the other spouse's interest in a property and will then own the property at the same cost basis at which the couple originally bought it. Some property buyers may think that the cost basis would increase and if they went to sell the property they'd pay lower taxes, but that's not the case. When parties decide to divorce and there's a property transfer it's useful to consult an accountant to understand the tax implications of transferring a property with a certain value.
NAR Says Home Buyer Tax Credit Could Help Reduce Housing Inventory
According to the National Association of Realtors, if all home buyers become eligible for a tax credit without a repayment feature, it could result in...
IRS Announces Help For Taxpayers Who Owe Back Taxes
Looks like the Internal Revenue Service is following the example of financial institutions like banks and agreeing to work with people in financial di...
Fulton County Taxpayers Foundation
Unhappy about how much you're paying in property taxes? Live in Fulton County, GA? We had a call from Bob to say that his assessment went up 33 percen...
Do you have to make a required distribution in 2009?
From Don: I've heard that the requirement to make Required Minimum Distributions from an IRA has been "waived" for calendar year 2009. I've looked di...