Tagged : taxes

Are there taxes due after a short sale? The subject of taxes on a short sale come up almost as much as what is a short sale. Answering the question of Are there taxes due after a short sale? is to some extent problematic when opposed to the typical real estate transaction. First of all, if the home is the seller's primary residence and they sell it via short sale then they are exempt from taxes on it under the Debt Forgiveness act of 2008 (was extended). Therefore short sale taxes don't reall... Read Full Post

I ran across this calculator yesterday and found it to be quite interesting. It allows you to see what will happen to your 2011 federal income taxes depending on what the government decides to do with the 2001 and 2003 "Bush Tax Cuts." Once you fill in your information, the calculator lets you see your tax consequences under one of three scenarios: Income Tax if All Bush Tax Cuts Expire Income Tax under Obama's Tax Proposals Income Tax if Bush Tax Cuts are Extended The website - www.mytaxburd... Read Full Post

You gotta love the health care reform bill. It is the gift that just keeps on giving. Seems our beloved legislators added another little goodie that was buried in the mostly unread 2,409 page document. Section 9006 mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to independent contractors but also to any "individual or corporation" from which you purchase more than $600 in tangible goods or services in a tax year. Can anyone say bend over again small b... Read Full Post

How Real Estate Professionals Can LEGALLY Pay NO Income Tax in 2008 And Get a Refund for All Income Tax Paid in 2003-2007 Wednesday, September 17th, 6PM PST (9PM EST) Deal overview and conference call number: http://maverickinvestorgroup.com/deals/charmont (Access is by invitation only. RSVP with the discount code: "CAL CARTER") Chosen by Personal Real Estate Investor Magazine as an "Investor Pick" to "Generate Above Average Returns" ================================================ Pre-Constr... Read Full Post

Thats a good question, a question that I have been asked quite a bit lately and to be frank with you, I ask myself the same question. The state of Florida never seems to do anything easy and there is a calculation that can be done to figure it out. You will need first go the the county assessors office to determining what your current taxes are - Hillsborough County Assessors Office. Ok, now make sure you make special note of your "Just Market" and "Assessed Value". Now go to this page (Tax P... Read Full Post

Property tax reform is coming in Indiana, one way or another, good or bad, it is coming. This is THE top issue on everybody’s mind and agenda right now, however the details of the tax reform are getting sticky. Governor Mitch Daniels has proposed his “1-2-3 plan” which limits property taxes to 1% of the assessed value for residential, 2% for rentals, and 3% for commercial. I think everyone agrees that this is good starting off point, but many disagree about the details of the tax reform... Read Full Post

Anybody in the Indianapolis area is well aware of the tax increases and the genius ideas of issuing a rebate check to offset the increase that occurred this year. Well, as the issuing of the rebate checks draws nearer for some counties it seems the tax payer will get stuck footing the bill for actually getting these checks out. While the money for rebates is obviously coming from the state, what the state failed to provide money for was the cost to issue the checks. Marion County may not face... Read Full Post

Due to Fisher’s population boom, the town of Fishers has ordered a special census to count every single resident in the city. For the second time since 2000, Fishers thinks it needs to recount the population in order to capture a higher percentage of the state taxes. The higher the population is, the more Fishers gets in state taxes; if their estimates are correct they think the population has risen to 62,000 which would mean an additional $1.2 per year in state taxes. The cost of the recou... Read Full Post