I’m selling my house. I expect not to buy another house for a while. How long do I have?
Tag Archives: IRS
Tell me what’s wrong with a V.A.T. Tax. FIRE the IRS and NO forms?
I’m for a VAT tax or Value added Tax or better described as a national sales tax instead of the crazy income tax system that no one seems to understand. Let’s say you make $10 per hour and work 40hrs..you then take home $400 and yo pay taxes with a sales tax on the things you buy, Fed & State. It promotes savings and dumps the current paper work nightmere. It’s been estimated it could be done with a 16%-18% tax. It would be impossible to cheat on your taxes, the government still get’s it money and I can see my money before they take it. Can anyone give me any good reason why we should not have the VAT tax??
did the irs remove the mortgage interest tax dedution for 2006 income tax?
did the irs remove the mortgage interest tax dedution for 2006 income tax?
Posted in Mortgage Tips
Tagged dedution, Income, income tax, interest, interest tax, IRS, mortgage, mortgage interest, tax
1031 exchange?
I exchanged some land (at the time of sale) for a condo (no intermediary needed). The condo, although a 2 br residence will be used for my S corp. business (I’ve registered it as the new corp. headquarters). Can this qualify as a 1031 exchange? 3 1031 experts, the IRS 1031 expert, real estate agents (2) say so. My CPA says not. What do you think?
Posted in Land For Sale
Tagged 1031 exchange, Br, business, CONDO, corp, cpa, exchange, headquarters, IRS, irs 1031, Land, real estate agents, RESIDENCE, s corp, sale, time
What tax consequences do I face when selling a rental?
I currently have 2 single family homes which I have been renting (and reporting as such to the IRS) for the last 8 years. I understand the gain from the sale is counted as regular income and I hear that I must also add back the depreciation amts. claimed. Are all depreciation $ from past years counted as regular income as well? Is the gain computed from the amt the home was worth at the time it was put into rental service or the amount paid for the home (since I lived in it for 4 years prior to renting out)?
Is there any way to lower the tax burden since it will not be a like kind transaction, although the funds will be used to buy a vacation home which could possibly be rented out in off season?
Posted in Homes For Sale
Tagged 8 years, amt, depreciation, family, Gain, Home, Income, IRS, RENTAL, sale, single family, tax, tax consequences