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.
Taxes Affect Manufactured Home Refinance Decision
The owner of a manufactured home asks whether to pay off the mortgage loan or invest extra money. Since the manufactured home is a second home or investment property, the home owner should consider how his taxes will be affected. Tax software or a tax preparer before can help sort this out before deciding to refinance this manufactured home.
Tax Deductions: Who Should Own Primary Residence
Does it make sense to have the title to a primary residence held by a limited liability company (LLC)? If your LLC owns a primary residence you may lose various tax deductions. It may also be more difficult to obtain favorable mortgage financing because a property owned by an LLC may be considered an investment property.
IRS Changes Deductions For Tax Year 2009
Earlier this month the U.S. Internal Revenue Service announced tax changes effective for tax year 2009 (so for tax returns filed in early 2010). Pers...
Pay Estate Tax with Mortgage Loan
In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the IRS requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. An estate administrator asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that's part of the estate.Chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property's location.
Real Estate Taxes: Can You Deduct Them From Inherited Property
The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it's pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property.
1031 Exchange: Deadlines, Type Of Property Impact Eligibility
A 1031 exchange allows you to buy and sell investment property within a specified time period and defer paying taxes to the IRS. Primary residences, second homes and vacation homes are generally not eligible for 1031 exchanges. Real estate market conditions may make it harder to sell a property and potentially prevent a successful 1031 exchange. Talk to a 1031 exchange company about doing a reverse exchange instead.
Quit Claim Deed Affects Cost Basis
How do you calculate cost basis on a home you receive through a quit claim deed? The type of home ownership is also a factor - for example joint tenancy. Learn how to do the calculation for cost basis and learn the rationale used to determine cost basis when families transfer home ownership using a quit claim deed.
Can I Lower My Real Estate Taxes?
Is your real estate tax bill too high? If your property has declined in value, you may be able to lower your real estate tax bill. This Expert Real Estate Tips video shows you how.
Investing: ETFs And Taxes
Can investing in exchange-traded funds, or ETFs, help you with taxes? ETFs are often based on a stock or another index and so are not actively managed. With passive management, an ETF has less trading activity, so there are fewer taxable events. ETF investors benefit from this approach because they may pay fewer taxes.
Ilyce Glink on WSB Radio – October 12, 2008
Today on the Ilyce Glink Show, Ilyce covered the highlights of what has been billed as the "Worst Week in Wall Street History." A week where the Dow Jones index dropped 2,400 points, marking a more than 40 percentage point drop from the high a year ago. Today's show, which featured a special third hour, Ilyce answered questions on investing in the stock market, if it would be possible to reduce quarterly tax payments, how to help aging parents transfer a property to children to avoid it being sold to pay assisted living fees, choosing a good company in which to invest now that prices are so low, choosing a good financial advisor, 529 college savings plans and other ways to save for college tuition, buying a foreclosure and being aware of homeowner association rules and regulations (before closing), who real estate attorneys really represent in Georgia, whether you should choose a self-employed 401(k) or Sep IRA if you get 1099 income, and what are the risks of going entirely with a wireless phone (especially where 911 calls are concerned). To find out more, tune into the show. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.