There is an untold secret for those own real estate investments. They can save tax big time! Excuse me. Let me take it back because it sounds too much like a selling tactic for a get-rich-quick book. I am talking about 1031 like-kind exchange, and this is not a super secrecy ...
At tax time, there are always a few people who like to quiz me about the deductibility of items on their real estate closing statements. When I look through the items listed on the long HUD-1 form, aka Settlement Statement, I am unusually amazed by the creative terms used by different loan agents or ...
With the accumulated database, IRS now can cross check your tax returns and FBAR filings and detect undisclosed incomes. It used to be a way to fight money laundering and terrorists, but now it helps the Treasury Department to uncover big source of government revenue. Therefore, you will see escalation effort by the ...