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Blog entries tagged with "irs":
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers
and brokers listed on this site. These real estate profiles, blogs and
blog entries are provided here as a courtesy to
our visitors to help them make an informed decision when buying or selling a house. ActiveRain
Corp. takes no responsibility for the content in these profiles, that are written by the members
of this community.
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Be careful, I just received this e-mail and I know it is a SPOOF.
How to Report and Identify Phishing, E-mail Scams and Bogus IRS Web Sites
The Internal Revenue Service (IRS) recently released new guidelines regarding the tax status of individuals claiming to be real estate professionals. According to the IRS, licensed real estate agents and brokers do not always qualify for real estate professional status under the new rules, which mandate that individuals spend no less … (9 comments)
What is the alternative to the "F" word? (That would be "Foreclosure" and NOT a recent slip of the lip by some actor in Hollywood.) To answer my previous question - "Short Sale" is a wonderful alternative to foreclosure. Ultimately, being able to make your mortgage payments and keeping your home is … (0 comments)
Ok maybe that's a strech, but after my recent experiences with my new CPA and possible new best friend, I no longer cringe at the word "April"
If you're sure that your cell phone bill is a tax deduction, you might be wrong.
Charitable Down Payment Assistance Programs: Friend or Faux?Charitable organizations that offer down payment assistance programs have been under heat in general for the potential "loop hole" risks and other issues outlined by HUD, the IRS, and real estate professionals. Typically offering between 1 and 3%, charitable organization offering down payment assistance … (5 comments)
A week or so ago, I wrote a post detailing the Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) because I'd read a number of posts where the authors confused the MFDRA with their state's anti-deficiency laws. That post was lost when AR timed out on me when I went to … (12 comments)
ok, maybe , you do have some time until you need to stress. However, if you are like me, and many Arizona Residents that cannot come inside from the sunshine, you wont start preparing your return until April 14th and any news is good news when it comes to taxes and … (0 comments)
High fuel prices are even getting the attention of the Internal Revenue Service. Monday they announced they are raising the mileage allowance that business and self employed individuals can claim for the remainder of 2008. Effective July 1, the agency will raise the optional standard rates for vehicles from 50.5 cents … (10 comments)
As one of the most popular vacation-home markets, Myrtle Beach real estate investors will benefit from a recently-issued IRS document...
The plot continues to thicken as swindled investors scramble to recover what few pennies exist from their embezzled 1031 exchange funds, many representing investor life savings, in the fallen Ed Okun 1031 Tax Group "Ponzi" scheme.
Apparently, the Deprtment of Justice, along with the IRS, Secret Service, and FBI did a sweep this morning arresting 60 people in Houston for Mortgage Fraud. They also made arrests in Chicago, Miami, and some other regions.
This came up again today during my market update for a real estate company I work with and was surprised how many of the agents did not know the details of this Act that was passed by Congress and signed by President Bush late last year in 2007.
5-16 irs web help
One
place you may not think of that contains a wealth of information on
what Homeowners face when they lose their home is the IRS. Amazingly
enough, they have a great website full of helpful facts and links to
help you through the foreclosure process.
Simply … (0 comments)
When buying or selling a luxury Montana property, serious consideration should be given to whether you qualify for a 1031 Exchange, which is covered in Section 1031 of the Internal Revenue Code.
I am a member of the National Small Business Association. I wanted to share this recent article with all of you and request your assistance in preventing this from happening. Please review and submit your responses by hitting the Click here.
Just to recap, the mnemonic IDEAL spells out the 5 reasons why real estate is a great investment. Last blog we talked about the first one, now we'll go onward.
More than 130 million Americans will receive tax rebates this year as part of Congress' $168 billion economic stimulus package.
Payments begin in about two weeks and range from $600 for individuals to $1,200 for couples, plus an additional $300 per child.
Not everyone is eligible for a full rebate, however. … (0 comments)
What is the meaning of the word "Service"? I became confused when I heard these terms which reference the word service. Internal Revenue Service, U.S. Postal Service, Telephone Service, T.V. Service, Civil Service, City & County Public Service, Customer Service, and Service Stations, etc. What does service mean? Yesterday I overheard two … (5 comments)
Common misconceptions that applied under previous (maybe devious) tax law that no longer apply to the sale of residential property. You heard it, you remembered it, but now you have to un-remember it.
1031 TAX EXCHANGE
TAX Rebates - Will Someone Tell Me How They are Going to Stimulate the Economy? I know this is election year, so my expectations for true innovation, hope and trust in the government have been turned off by my previous dissappointments. We have been all told the checks are in … (32 comments)
Could a $15,000 tax credit help you sell your foreclosure or short sale homes? 
http://www.irs.gov/
Just curious. Are there many folks out there using the 561 Exchange program as a way to sell inactive, vacant or under used industrial/commercial property that has been on the market for a while?
Did you know that many investors WILL work with you on a short sale even if you are not behind on your mortgage payment as long as you are persistant?
I found this on the internet and thought that I should share = ) 
There is discussion on Active Rain from time to time on whether in a short sale it is advisable to move out of the house. 
Tax season is over, and what a relief! But what do you do with all of this paperwork? For years, the rule of thumb for individual tax filers has been to keep federal tax returns and all supporting documents for three full years. This is based on the principle that the … (1 comments)
The Good, The Bad, And The Ugly Of Being A Landlord...
Well, here come the rebate checks. Per the IRS: The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals … (2 comments)
More than 130 million Americans will receive tax rebates this year as part of Congress' $168 billion economic stimulus package. 
More than 130 million Americans will receive tax rebates this year as part of Congress' $168 billion economic stimulus package. Payments begin in about two weeks and range from $600 for individuals to $1,200 for couples, plus an additional $300 per child.
Found this and tought to pass it on. Please inform your clients that might be in hardship stuation. 
One of the challenges small businesses face is getting attention...especially when they compete for business with the big guys!
Here we are April 15th already. This day is a much dreaded day for many of us procrastinators. Many of us scramble on this day to file our automatic extension with the IRS. I hope I can be of some help. The following post office is taking mail until 11:59 pm. … (3 comments)
Last night I realized I needed to still do my 2007 Income tax. OH MY, well I called my friendly IRS advisor, my sister and asked her where should I start. My sister has been one of those hard worker bees at the IRS for almost 15 years and she is … (11 comments)
There are a couple of things in life that are especially complicated. One is a real estate transaction. The other is a federal income tax form, at least if you are a real estate professional who rents our her basement apartment. 
Happy April, hope everyone got their taxes done already.
It is tax time and for most self-employed professionals this means you probably have to write 2 big checks. I know I do. One big check to the IRS for income taxes owed and another big check to my CPA for preparing my corporate and personal tax returns. I love my … (11 comments)
I am reading through some blogs this morning while on hold with the IRS. You can read a lot of blogs when placing a call to the IRS because you can count on being on hold 15 minutes minimum. I did talk to them...but again got put back on hold. The … (6 comments)
“Staging as a tax deduction, hmm. That might just be enough to persuade my guy to get on board with it. Goodness knows his property needs it.” This from a prominent, top producing REA of 35 years. 
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up … (0 comments)
Do you qualify for a home-office deduction at tax time? According to an article published by Broker Agent News, the government has lightened up on the stringent stipulations and qualifying parameters that formerly steered home based business owners and employees away from filing for the deduction for fear of being audited. As long as the deducted office … (0 comments)
This article is by CRS instructor, Chris Byrd who is well known for his tax strategy seminars He has been a speaker for the Northern CA CRS Chapter and we find him to be very good! Chris@ChrisBirdSeminars.com or http://www/.chrisbirdseminars.com 
There is one topic which every time I write about it seems to generate some hate mail while at the same time spawning a flurry of wonderful praise from consumers. Of course, the hate mail is always from a few people that happen to own these “certain types” of businesses I … (0 comments)
Don't Go To Jail, Collect Your $200 by Bill Roberts
The Internal Revenue Service has issued a tip to get your Economic Stimulus Rebate quicker...sign up to get your 2007 Tax Refund via direct deposit directly into one of your bank accounts! The agency announced Monday that "direct depositors" and people whose social security numbers end in low digits (i.e. 04) … (0 comments)
I hope this information is useful for you! If I may be of assistance with your Northern Illinois (McHenry County, Lake County, Kane County, Cook County) real estate needs, please do not hesitate to contact me:-)
Good morning to everyone!
IRS Releases Fact Sheet No. FS-2008-18 
The IRS issued a ruling that will determine how vacation homes can be qualified as investment property in a 1031 exchange.
If you happen to have missed Bush's signing of H.R. 3648 on December 20, 2007. The bill actually amends the Internal Revenue Code of 1986 in several ways but the issue of forgiven mortgage debt is very interesting. Since we are talking IRS issues, that means this is not just an … (2 comments)
I got a nice letter from the Internal Revenue Service. It said I wasn't giving them enough. My thought is, "How am I supposed to stimulate the economy, when they want most of my money?" I'm not trying to make a political statement. I am an honest individual and I try … (3 comments)
E-mails From the IRS? Be Skeptical 
Written by:Darleen McCullen, REALTOR®, BrokerKeller Williams RealtyPhone: 919.454.8864Email: darleen@darleenmc.com
There is a new IRS code for establishing vacation or second homes for investors.
Until recently, the issue of whether a second or vacation home qualifies for tax deferral treatment under IRC §1031 was the subject of much scrutiny and uncertainty. To the delight of many tax practitioners, on February 15, 2008, the IRS eliminated that uncertainty by issuing Revenue Procedure ("Rev. Proc.") 2008-16, effective March … (2 comments)
WASHINGTON - The Internal Revenue Service today warned taxpayers to beware of several current e-mail and telephone scams that use the IRS name as a lure. The IRS expects such scams to continue through the end of tax return filing season and beyond.
… (0 comments)
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I just received an exciting e-mail from the IRS: