To say it has been a rough few years in the housing market is like saying there was a small party in New Orleans after the Saints won the Super Bowl. The housing bubble didn’t burst. It blew up like a hydrogen bomb. Unfortunately, this has resulted in many people losing their homes through foreclosure or short sales. Both events have tax consequences.
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Archive for the 'Property Taxes' Category
Most people don’t realize that you could very well owe capital gains taxes on any increase in the value of your house when you sell it. Lots of times you can roll this over into a new home and receive certain tax credits in some circumstances, but for the most part you can expect to be hit by a large tax bill if you’re not careful.
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The new tainting rules are set to give a better and wider test in carefully associating two properties or companies. If the property is tainted, the capital gains that supposedly are not subject to income tax will now be subject to income tax if the sale occurs within 10 years of acquisition or, in some cases, within 10 years of the completion of improvements. Know more of these rules in this article.
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Investing in real estate is a wonderful activity. It allows just about anybody with the right hard work and attitude to create a substantial fortune within their lifetime much easier than many other forms of investing allow for. It’s a great way to build something for the future which everybody wants to do to some degree or another.
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What is the history of the 1031 tax-deferred exchange? Some investors know that the exchange is a strategy long used by real estate investors. An investor sells investment property and buys or acquires “like-kind” property following the regulations and stipulations of Section 1031 in the Internal Revenue Code (IRC) to defer federal tax, capital gain, and depreciation recapture taxes.
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Recent reports suggest that property prices are affected by the confidence in the market. How will this affect changes in the marketplace?
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One question you see a lot this time of year is, How do I figure home tax for new home in Florida. With information easily obtained at your county court house or your county’s website, it’s simple to figure your home tax burden using the following method.
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To many investors, the word “taxes” brings to mind the IRS and little else. But most investors don’t realize that the IRS only has the ability to collect taxes for the federal government. Each state and local government also has its own power to levy and collect taxes to fund government operations.
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If you own a home jointly with someone else it can be hard at tax time to figure out who gets the deductions. For a few quick tax tips for joint home ownership, read on.
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With a heavy burden of property taxes in the current economic downturn, property taxes loans are of great help to taxpayers. If you are in Texas, here are some useful tips to take benefit of such loan facility.
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