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.
Today On The Ilyce Glink Show August 10, 2008
There's a lot to talk about on Today's Show. CDs Are Looking Like A Better Deal Interest rates are starting to rise, which means that CDs are lookin...
Ilyce Glink on WSB Radio – August 10, 2008
Today on the Ilyce Glink Show we listened to Fall Out Boy while talking about the upswing in the stock market, and a new rule that might prove to be a little negative for home sellers: a change in the way tax is computed when you sell a home. We also took calls about a possible problem in a home renovation (bad behavior from the contractor), a problem with an employer not paying, whether scholarship money is taxable, how much tax one caller might owe on the sale of bank stocks, and several calls about what to do if you can't sell your home. 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.
Capital Gains Tax On Home Sale Inheritance
You may not owe any taxes on inheritance. When you inherit property, you inherit the property at its value at the time the person died. Generally, if you sell it within a year of the owner's death, the IRS views the property's value as of the day of death as the same as the day it sells. Because real estate can be hard to value, the amount received at the sale of the property if it was close to the person's date of death would be viewed as the value of the property at the time of the death.
Unpaid Real Estate Taxes
If you don't pay the real estate taxes on your home, you could lose it to a tax purchaser. While the nightmare situation can be avoided, it still happens to lots of people. Here is what you need to know about losing your property because of unpaid real estate taxes.
1031 Exchange: Investment Property Transfer
If you own investment property and want to sell it and cut your tax bill, consider a 1031 exchange. A 1031 exchange allows you to defer paying taxes. Which taxes can be deferred using a 1031 exchange?
Tax Deed Sales
Tax deed sales usually take place at a sheriff's office. Tax deed sales give tax purchasers a chance to pay property taxes and obtain a certificate against a property. If the property owner does not pay the taxes and lift the tax deed, the tax purchaser can start proceedings to obtain the property. Tax deed sales include tax deeds.
Unpaid Real Estate Taxes
Buying a home? What happens when you buy a home with unpaid real estate taxes? What risk do unpaid real estate taxes pose to your home purchase? How often do buyers come to closing with unpaid real estate taxes? Chicago Title's Gina Giannelli talks about unpaid real estate and property taxes.
Got An E-mail From The IRS? It’s Probably Fake
Apparently scammers are at it again. The U.S. Internal Revenue Service announced yesterday that scammers posing as the IRS are sending fraudulent e-ma...
Using Tax Software To File Your Return
If you think you might like to use tax software to prepare your taxes this year, ask yourself a few questions. Do you like to use technology for other tasks, like selling possessions on eBay? Are you comfortable relying on tax software to correctly file your taxes? Do you have complicated income sources or deductions that you would enter into tax software?
Explaining Tax Forms
Every year when you go to file taxes you will have to collect various tax forms. Learn about various tax forms including the W-2, 1099, 1098 and K-1 from CPA Michelle Swenson. Understanding different tax forms will ensure smoother tax filing.