Living in The East Valley » Taxes http://livingintheeastvalley.com Recreation, Real Estate, and Real Life in Arizona Wed, 01 Feb 2012 17:40:05 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 New Tax Rules for Landlords http://livingintheeastvalley.com/new-tax-rules-for-landlords/ http://livingintheeastvalley.com/new-tax-rules-for-landlords/#comments Mon, 14 Feb 2011 18:52:58 +0000 admin http://livingintheeastvalley.com/?p=1105 If you own a rental property, even just one, you need to talk with your accountant about the new tax rules regarding reporting.   These rules took effect on January 1, 2011 and affect landlords who hire someone to work on their property if they pay $600 or more in a calendar year.    In these cases, you will need to collect a social security number or EIN (Employer Identification Number) from the person or company doing the work.  In the month of January following the year the work was done, you will need to provide them with a 1099-MISC form.

For more information:

AZ Republic Article – Tax Rules Put Burden on Landlords

IRS 2011 Instructions for 1099-MISC

]]> http://livingintheeastvalley.com/new-tax-rules-for-landlords/feed/ 0 Help for Homeowners with a Federal Tax Lien http://livingintheeastvalley.com/help-for-homeowners-with-a-federal-tax-lien/ http://livingintheeastvalley.com/help-for-homeowners-with-a-federal-tax-lien/#comments Wed, 17 Dec 2008 22:42:00 +0000 admin http://livingintheeastvalley.com/?p=217 There was an article in Wednesday’s AZ Republic about steps the IRS is taking to help homeowners who are attempting to refinance or obtain a loan modification but have a federal tax lien on their home. If this applies to you, you’ll want to read the article. Just click on the link below.

AZ Republic Article – IRS Helps Homeowners Deal with Federal Tax Lien

]]> http://livingintheeastvalley.com/help-for-homeowners-with-a-federal-tax-lien/feed/ 0 Tax-law Changes http://livingintheeastvalley.com/tax-law-changes/ http://livingintheeastvalley.com/tax-law-changes/#comments Mon, 07 Jan 2008 21:20:00 +0000 admin http://livingintheeastvalley.com/?p=25

I read an interesting article in the AZ Republic today about tax law changes for 2007. If you originated a new loan in 2007 through the purchase or a home or refinancing, you should read the article to see if the deduction applies to you. Additionally, you need to read the article if you had a home which was sold short or foreclosed upon. As always, we recommend that you consult an accountant with any tax questions.

AZ Republic Article – Mortgage Mess Spurs Tax-law Changes

]]> http://livingintheeastvalley.com/tax-law-changes/feed/ 0 Change in Real Estate Capital Gains Tax Exclusion http://livingintheeastvalley.com/change-in-real-estate-capital-gains-tax-exclusion/ http://livingintheeastvalley.com/change-in-real-estate-capital-gains-tax-exclusion/#comments Wed, 02 Jan 2008 18:11:00 +0000 admin http://livingintheeastvalley.com/?p=21 Here is a link to an interesting article about real estate taxes. This will only affect a small number of people, those whose spouse passed away, but it seems like Congress did the right thing allowing them two years to qualify for the “married” capital gains exclusion on the sale of their home.

Hardly anybody noticed it, but Congress tucked away a valuable bit of holiday cheer for real estate when it passed its final tax bill of the year.

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