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Tax Saving Strategies That Could Save You Thousands 2008-01-01 07:51:00 Claim all your expenses – This applies to Individuals too.Many people or investors are unaware of some of the expenses they can offset against their rental income.Making sure you offset all your legitimate costs will help minimise your tax bill. Some of the expenses you can offset against rental income include:The mortgage interest on the loan taken out to purchase a rental property - This is tax ...

Deferring Capital Gains Taxes on Business Property 2008-01-01 07:50:00 The tax deferred exchange provides real estate owners with one of the last true tax breaks and the only method of deferring tax on the sale of investment and business property. Most taxpayers know they can exclude the gain on a sale of their personal residence. Unfortunately, many business and investment property owners fail to capitalize on the benefits of another type of tax-deferred ...

The IRC Section 1031 Tax Deferred Exchange 2008-01-01 07:48:00 The tax deferred exchange provides property owners with one of the last true tax breaks and the only voluntary method for deferring capital gains tax on the sale of investment and business property. Unfortunately, many property owners don't capitalize on the benefits of IRC Section 1031. They continue to sell their rental property and land holdings and pay costly taxes because they are unaware of ...

Residential Property and the 1031 Exchange 2008-01-01 07:00:00 Not so very long ago, right here in mid Tennessee, a half of a million dollars purchased a luxurious home with all the amenities of a vacation paradise. As property values have soared in recent years, Tennessee sellers must face the burden of paying capital gains tax on the sale of their primary residence. But there is some relief. IRC Section 121 of the Internal Revenue Code (IRC 121), gives ...

Property Tax Relief Categories That Will Bring Ease To Your Budget 2008-01-01 06:56:00 Fortunately there are several forms of property tax relief that can provide a lot of ease during low income periods. These types of relief fall into different categories and provide tax reductions in different ways. The different categories of property tax relief address different problems. These categories are:Property tax relief for senior citizens, property tax relief for first time ...

Mandating Florida Hurricane Insurance, Additional Property Tax for Homeowners - Are You Eligible? 2008-01-01 06:54:00 An initiative on the Florida, 2008 general election ballot is a bill to make hurricane insurance as a local property taxing authority at market value. To me this seems very dangerous because it basically passes on to every homeowner, whether they want it or not, additional insurance costs related to hurricane prevention.Most of us don't have million dollar homes on the beach, so why do we all ...

Understanding Real Estate Taxes 2008-01-01 06:53:00 If you are like many homeowners then you enjoy being a property owner; but along with that enjoyment you also have a responsibility to pay your share of real estate taxes. You may know them as property taxes, but as a refresher keep in mind that real estate taxes are based on an assessed value of a parcel of land and any structures that might be built on it. By using a formula and calculating a ...

Do You Know What To Do If You Can't Pay Your Property Taxes? 2008-01-01 06:51:00 For property owners, property taxes are probably the biggest tax bills we pay in a year. The property taxes that our local municipalities receive provide the financing necessary for many local town or city programs such as fire departments, schools, and health services and for services like maintaining recreational resources. However, what can you do if your recent tax bill may cause you to give ...

Florida Real Estate and Property Tax Cuts 2008-01-01 06:35:00 One of the reasons that the Florida real estate market has been sluggish over the past couple of years has been the result of property taxes in the state. Over the course of the past decade, Florida in fact had one of the higher property tax rates in all of the United States. Efforts are now underway to reign in the costs associated with property tax in Florida at this point in time. By dealing ...

Tax Help - If You Owe Delinquent Property Taxes 2008-01-01 06:34:00 What to Do If You Owe Delinquent Property Taxes.Delinquent property taxes, if you have them, may put you in a bit of dread. Property taxes, aside from income taxes are often one of our largest tax bills. Often they can be difficult to pay. If you have issues with delinquent property taxes here are some ideas to consider to resolve the problem.Communication is the key. First get in touch with your ...

Federal Recapture Tax Demystified 2008-01-01 06:21:00 There I was, sitting at my busy, messy, yet highly efficient desk, minding my own business when out of the blue the phone rang jarring me out of my stress induced catatonia. The java, all seventeen cups, triggered a sudden barrage of heart palpitations - I was ready for the day. I made my first executive decision of the day and answered the phone, fully prepared for whatever meltdown awaited me ...

Do You Know What Your County Propery Taxes Are Used For? 2008-01-01 05:55:00 In many areas of the country, when you get your bill for county property taxes, be prepared for a shock. They are at an all time high across the country, though the overall amounts can vary greatly depending where you live.On top of all the other taxes that we pay, what are county property taxes used for? The individual tax rate varies from jurisdiction to jurisdiction. Also varying is as how the ...

Take Advantage of Rental Property Tax Deduction 2008-01-01 05:53:00 Rental property tax deduction makes a big difference. If you are a landlord, it is important that you take advantage of the full benefits such tax deduction provides. There are a number of ways you can avail these benefits, such as rent, payment to cancel a lease, expenses paid by the renter, etc. Some expenses that cannot be deduced include loss of rental income due to vacancy, expenses from ...

How to Reduce Or Eliminate Your Estate Tax 2008-01-01 05:50:00 I bet you probably didn't know that your heirs might have to liquidate ( sell off ) your home or commercial/residential rental properties immediately after your death. This is unless you create an Irrevocable Life Insurance Trust or ILIT.Most people have the expectation of passing on their wealth to their children or spouse. With the demise of the baby boom generation approaching there will be an ...

Property Tax Increase - Plan to Ease the Shock! 2008-01-01 05:48:00 Did you recently get a property tax bill? Or did the total show up when you received your monthly mortgage statement as a debit against your escrow account? Was it greater than last year? How about your homeowners insurance? Same thing-did it go up too?If so, brace yourself when the company that services your mortgage and escrows your property taxes and insurance recalculates your monthly ...