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.
IRS: What To Do In Case Of An Audit
The U.S. Internal Revenue Service audits taxpayers to see if they've filed their taxes correctly. While the word audit may seem scary, it doesn't have to be if you're prepared for an audit from the IRS. The IRS isn't trying to catch you, just keep track of your receipts, deductions and expenses, and you should be fine. Learn about what you should do to be ready for an audit and what an audit means from CPA Michelle Swenson.
Income Tax Filing Without Stress
Filing your income taxes doesn't have to be a stressful experience. Keep your income tax files organized throughout the year, and dealing with April 15 will be a snap. Make sure your employer has sent you all the forms you need by the end of January, because ultimately, filing your income taxes is your responsibility.
Want Your Stimulus Check? File Your 2007 Taxes
There's still time to file your 2007 taxes if you haven't. Even if you don't normally file you should so that you can get a stimulus check from the go...
Happy Father’s Day From The Ilyce Glink Show
Today on the show, I told a story about how my father helped teach me about the value of integrity. When I was growing up, my father (a municipal att...
Down Payment For Buying A Home As A Gift
When you're selling a home and a buyer wants to buy the property as a gift is there anything you need to watch out for? Should the earnest money, which may become a down payment, be handled in a special fashion? It's critical that the transaction be handled with care to ensure estate planning and gift tax considerations are taken into account.
Estate Planning Includes Transferring Title To Real Estate
As parents, you may decide you want to pass on your real estate holdings to your children. To figure out the right way to pass along property, without incurring excessive taxes or mortgage liabilities, you should do some estate planning with the help of an estate attorney and accountant. When you change the title of a property to the name of your children without proper planning the cost basis becomes the property's original value as opposed to that on the day of your death.
Ilyce Glink on WSB Radio – June 1, 2008
Today on the Ilyce Glink Show, we talked about the IRS tax rebate checks and what people are doing with them. Ilyce also updated listeners on what happened with her grill and the new grill she decided to buy. Show notes are up at www.thinkglink.com/blog . Check it out! Click to listen to today's show. Don't forget to sign up for Ilyce's new newsletter at www.thinkglink.com . Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
Escrow Money Treated As Income For Taxes
When you receive money from a canceled contract, it's usually treated as ordinary income for taxes. When a real estate contract goes bad, the money put into escrow is treated as income as opposed to capital gains. The escrow money will be taxed at a higher rate because the ordinary income tax rate is higher than the capital gains tax rate.
Real Estate Capital Gains Tax: What You Owe After Selling Your Home
After selling a home you've lived in for more than five years, what is the real estate capital gains tax and what do you report to the IRS. If you're married you can take up to $500,000 in profit without paying capital gains tax to the IRS, after living in a home at least two of the last five years. If you're single, you can take up to $250,000 in profit without paying capital gains tax to the IRS, after living in a home at least two of the last five years.
Con Artists After Your IRS Rebate Check
I received one of those scam emails today purporting to be from the IRS. They wanted to let me know that more than 130 million Americans will receive ...