Land Transfer Tax
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Real Estate Transfer Taxes Overlooked Sale or Purchase Expense
A real estate transfer tax is a one-time tax paid at the closing of a property, and is considered a stream of revenue for state budgets. This transfer tax though, once collected is not generally used for housing-related purposes. The tax is based on the value of a property as agreed to by the parties in a real estate contract. In the excitement of selling or buying a home, often the real estate transfer tax cost is overlooked. Depending on local Read More... -
Gift Giving Strategies
The estate tax may or may not eventually be repealed in 2010, but its counterpart — the gift tax — will remain. Beginning in 2002, gifts bestowed during a person’s lifetime are treated differently from bequests at death. The adjustments in transfer tax rates and exclusion levels could affect the tax planning of those who want to transfer their wealth to others while they are living. Lifetime Limit Taxpayers are able to give away $11,000 per Read More... -
Married Couples Beat The Estate Tax
Next to the Alternative Minimum Tax, the Estate Tax is one of the more brutal taxes we have. If you are married, you can get around it. When planning your estate with your husband or wife, there are key points to keep in mind. Luckily, the IRS has gone a long way in ensuring that the estate of individuals is able to be dealt with after death. While discussing the future, you and your spouse should look into the various federal estate marital t Read More...
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