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.
Give Gift Of Land With Quit Claim Deed
Land can be given as a gift through the use of a quit claim deed. No taxes need to be paid if the gift is valued at less than $12,000. You might need an appraisal to prove the value of the land to the IRS.
Real Estate Minute: Think About US Taxes When Living Abroad
Real Estate Minute with Ilyce Glink Think About US Taxes When Living Abroad Original Air Date:
Real Estate Minute: More Tax-Reduction Strategies For Next April 15th
Real Estate Minute with Ilyce Glink More Tax-Reduction Strategies For Next April 15th Original Air Date: October 9, 2006
Real Estate Minute: Adjust Your Tax Withholdings
Real Estate Minute with Ilyce Glink October is the Time To Check on Your Year-To-Date Withholdings Original Air Date: October 5, 2006
Mortgage Interest Tax Deduction Depends On Whether You Itemize
When you're getting ready to buy a home you need to take your income into account and also whether you itemize your tax deductions. The majority of Americans do not itemize on their taxes and so they don't benefit from the mortgage interest tax deduction. Learn how the mortgage interest tax deduction works and who benefits most from this tax break.
Capital Gains: How Much Tax To Pay On Land Sale
Whenever you sell a property you have to pay capital gains tax on the difference between what the property was worth when you got it versus how much you sell it for. An accountant or tax preparer can help you determine exactly how much capital gains tax you'll pay as well as how much state tax to pay on the land sale. Capital gains tax rates are set by Congress and change periodically.
Renting Out Home
What do you do if you've purchased a new home but are unable to sell your old home? You could decide to lease or rent it. If you do that, you have to consider the primary residence tax exemption. To be sure whatever type of lease you sign covers all your concerns. Talk to a real estate attorney to have all your bases covered.
Real Estate Minute: Paying Taxes on Free Gifts
Real Estate Minute with Ilyce Glink Protect the contents of your wallet for less Original Air Date: August 29, 2006
Survey Dispute May Be Solved With Property Taxes
A new survey revealed a lot line closer to the neighbor's home, giving the homeowner an extra 10 feet. The neighbors claim that the survey is incorrect, and they own the 10 feet. The homeowner should stake the boundaries of their lot, and investigate the tax parcel to determine if it matches the survey. It might come down to who has been paying the taxes for the extra 10 feet.
Converting Your Conventional IRA To A Roth IRA
Charles called into Newstalk 750 WSB today. He's been putting away after-tax cash into his conventional IRA because he made too much money to contribu...