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.
Use IRA Money To Pay Off Mortgage?
A homeowner is considering withdrawing IRA (individual retirement account) money to pay off his mortgage early. There might be tax consequences to withdrawing IRA money. Here are the pros and cons of paying off the mortgage with money from an IRA.
1031 Exchange – What is Cost Basis?
Learn how cost basis is calculated for a 1031 tax exchange. 1031 exchange expert Julianna A. Clementi-Ryan explains what's involved in determining cost basis.
1031 Exchange – Recapture Depreciation Tax
When you own an asset for business or investment use you can claim some depreciation as that asset drops in value. When you later sell that asset the IRS wants to get back, or recapture, some of the depreciation. Our 1031 exchange expert explains how recapture depreciation tax works.
1031 Exchange: 45 Day Rule
When you're doing a 1031 tax exchange you have 45 days to identify your replacement property. The replacement property in a 1031 exchange has to be like kind property. So you have 45 days to find another domestic real estate property if the property you plan to sell is in the U.S. also. Learn whether weekends and holidays are included in the 45 day rule for 1031 exchanges.
Property Inheritance Saves More Taxes Than Quit Claim Deed
Learn about property estate planning including repair and maintenance duties. Is using a quit claim deed or an irrevocable trust a better option? Inheriting property saves more on taxes than signing a quit claim deed.
1031 Reverse Exchange
If you're doing a 1031 tax exchange on an investment property and you've found your replacement property but not yet sold your first property you'll want to do a reverse exchange. A 1031 reverse exchange allows the 1031 company to take title to the property until you sell it.
1031 Exchange – Second Home Rules
When you want to do a 1031 tax exchange for your second home you need to make sure that you're not using the home more than 14 or 20 days of the year. Learn more about 1031 tax exchange rules for second homes and check out our other 1031 videos at expertrealestatetipsl.net.
1031 Exchange – What is It?
A 1031 tax exchange is named for part of the IRS tax code. A 1031 exchange allows you to defer paying taxes on investment property including real estate, artwork, helicopters, copyrights, patents and more. You cannot do a 1031 exchange on personal property. This video gives you basic information about a 1031 exchange. For more information, check out our other 1031 exchange videos.
1031 Exchange: Qualified Intermediary
When you do a 1031 exchange you don't want to receive or touch the money involved. That's why you hire a 1031 qualified intermediary who manages a restricted account where your money's trapped. If you don't use a qualified intermediary and touch the 1031 exchange money, you lose your chance to claim a 1031 exchange on your taxes. Learn more about a 1031 exchange qualified intermediary and why they're important.
1031 Exchange: Like Kind Property
When you do a 1031 exchange to defer taxes you have to choose replacement property that's similar or "like kind." The "like kind" property may not only be real estate but also timber, air, oil or gas rights. The tax payer must exchange like for like however. Learn more about "like kind" property and its role in a 1031 exchange.