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.
Lawsuit Over Land In Trust
When government determines property ownership, it may miss land that's not listed on tax rolls. When that happens, the property's ownership may remain unclear. In this case, land owned by an estate was left out of a trust. The estate's trustee now wants to put the land back in the trust. How can the land be returned to the estate?
Long-Term Capital Gains Tax Rate
Long-term capital gains taxes will be paid on the difference between the purchase price and the sales price, minus the broker's commission, transfer stamps, advertising costs, any other costs of sale and the cost of capital improvements made to the home.
Home Ownership At All Costs
Yet another group is speaking out against President Bush's mortgage proposal. The National Multi Housing Council, which represents the interests of t...
Deed in Lieu On Credit Report
When a mortgage lender agrees to sell a property for less than it's worth and forgive the debt it could show up on the homeowner's credit report as a deed in lieu of foreclosure. Homeowners who own property that is worth less than their mortgage loan amounts may be good candidates for this type of solution. But it's important to remember that if the mortgage lender such as a credit union forgives the debt, the homeowner may have to pay a tax bill for phantom income or a deed in lieu on his credit report.
IRS Increases Business Mileage Reimbursement Rate
If you track your mileage for taxes this will interest you. The U.S. Internal Revenue Service just announced the mileage rates for 2008, which go int...
Ilyce Glink on WSB Radio – November 25, 2007
On this Sunday after Thanksgiving, Ilyce talked about CyberMonday (the day that everyone supposedly goes back to the office to begin shopping online in earnest for Christmas) and how some bloggers suggest that this is a made-up shopping day. Ilyce also took questions about whole life insurance, inheritance taxes, and whether EE bonds that a caller's daughter inherited could be used tax-free to pay for school. All this and more on this week's Ilyce Glink Show.
Tax Implications In Transfer Of Property Title
Transfer of property title can have many tax implications. There is no way to simply transfer title to you without you then having a significant tax issue down the line. Tax-wise, the best choice would be for you to inherit the property.
1031 Tax Deferred Exchange
A 1031 tax deferred exchange helps investment property owners sell property and purchase another without paying capital gains tax. The 1031 exchange mechanism allows you 45 days to find and designate a replacement property and, in most cases, 180 days to close on the purchase of the replacement property. There are many companies that act as a 1031 intermediary, but you need to do your research first.
Primary Residence Means Living There Full Time
In order to be able to take a capital gains tax exclusion when you sell your home, you have to have lived there at least two out of the last five years. This primary residence definition is critical to taking the tax exclusion when you sell. You cannot exclude capital gains from the sale of a vacation or second home.
IRS Reminds Low to Middle Income Taxpayers of Savings Credit
It's November. Thanksgiving is next week. Taxes aren't due until April. It's still a good idea to plan ahead. The U.S. Internal Revenue Service issue...