Real estate tax tips by trexglobalcom

Important IRS Forms to Know Tax Return Forms and SchedulesThere are hundreds of IRS tax forms and schedules out there that a tax filer can come across. Here are some of the more common ones that you should know about. Form 1040, U.S. Individual Income Tax Return: used by U.S. taxpayers to file an annual income tax return (Related Info:What Happens If You Don’t File Your Taxes?,AGI vs. MAGI) Form 1040-NR, U.S. Nonresident Alien Income Tax Return: used by U.S. nonresident taxpayers to file an annual income tax return (Related Info: Tax Tips for Resident and Non-Resident Aliens: Part 1, Tax Tips for Resident and Non-Resident Aliens: Part 2) Form 1040-SR, U.S. Tax Return for Seniors: an optional alternative to using Form 1040 for taxpayers who are age 65 or older (Related Info: Tax Tips for Seniors and Retirees) Form 1040-X, Amended U.S. Individual Income Tax Return: used to amend or fix a submitted tax return (Related Info: I Amended My Tax Return – Now What?) Form 1040-ES, Estimated Tax for Individuals: used to figure and pay your estimated tax (Related Info: IRS Form 1040-ES & Estimated) Tax for Individuals Form 1041, U.S. Income Tax Return for Estates and Trusts: used to report income, deductions, gains, losses, liabilities, etc. of an estate or trust. (Related Info: An Overview of Estate & Inheritance Taxes) Schedule A, Itemized Deductions: used to figure your itemized deductions (Related Info: Expenses You Didn’t Know Were Tax Deductible) Schedule B, Interest and Ordinary Dividends: used in some scenarios when you’ve earned taxable interest or dividends (Related Info: Tax Guide for New Investors) Schedule C, Profit or Loss from Business (Sole Proprietorship): used to report income or losses from a business you operated or a profession you practiced as a sole proprietor (Related Info: Tax Forms for Self-Employed Individuals) Schedule D, Capital Gains and Losses: used to report capital gains and losses for the year (Related Info: Real Estate Investments & Tax Implications) Schedule E, Supplemental Income and Loss: used to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs) (Related Info: What is Supplemental Income?) Schedule EIC, Earned Income Credit: used to give the IRS information about your qualifying child(ren) (Related Info: Dependents & Your Taxes) Schedule F, Profit or Loss From Farming: used to report farm income and expenses. Schedule H, Household Employment Taxes: used to report household employment taxes if you paid cash wages to a household employee and the wages were subject to social security, Medicare, or FUTA taxes, or if you withheld federal income tax. (Related Info: What to Know About Schedule H: Household Employment Taxes) Schedule

Up to 2% of the outstanding balance.Administrative FeesReal Estate Agent Commission: You might have to pay 5% to 6% of the sale price in Realtor commissions. This includes the listing agent and the buyer’s agent fees. To cut down the commission in half consider going FSBO in Illinois.Escrow Fee: A third party, known as an escrow, holds the property funds until the contract’s conditions are met. It typically costs around 1% to 2% of the purchase price, which is split between the buyer and the seller.Settlement Fee: The settlement agent transfers the title from the seller to the buyer. Depending on state laws, you pay the settlement fee to the agent, title company, escrow company, or attorney.Government Fees and Real Estate TaxesProperty Tax: The tax you have to pay depends on the property value, which can be around 1.78%. The local governing body imposes this tax at closing. The prorated property tax is settled according to the purchase date.Documentary Stamp Tax/ Transfer Tax: It’s usually $.50 for every $1,000 of the sale price. It applies to the transfer of ownership from the seller to the buyer.Homeowner Association (HOA) Fee: It charges monthly $100 to $500 for common area maintenance in Illinois. If you fail to pay this fee, the HOA may foreclose on your home. HOA Estoppel Fee: The estoppel fee ranges from $100 to $500. It’s a legally binding document that outlines buyers’ post-closing financial obligations like monthly fees and outstanding dues.HOA Transfer Fee: If your house comes under HOA, then during closing, you must transfer the ownership of the home to the buyer in the HOA records.Seller Closing Costs Calculator for IllinoisUse this free seller closing cost calculator to get an estimate of how much you’ll need to pay when selling your home. Closing Cost Calculator How to Reduce Seller Closing Costs in Illinois?These tips can help you reduce your seller closing costs:1. Opt for a Discount BrokerUnlike traditional brokers, who charge 6% of the sales price as commission, discount real estate brokers in Illinois only charge between 0.5% and 2%. Some low-commission Realtors offer higher concessions if you let them represent you for your next real estate purchase.2. Choose “For Sale By Owner”(FSBO)Sellers can save up to 3% commission and cut several costs by opting for FSBO websites in Illinois. Houzeo offers Flat Fee MLS packages for FSBO sellers that list properties on the MLS and make the selling process easier and pocket-friendly.3. Negotiate Better RatesNegotiation can save you thousands in seller closing costs. Instead of accepting the standard rates of attorneys, title companies, and appraisers, discuss better rates with them to reduce overall expenses.» Real Estate Attorneys in Illinois: Find the best real estate attorneys near

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To 2% of the outstanding balance.Administrative FeesReal Estate Agent Commission: You might have to pay 5% to 6% of the sale price in Realtor commissions. This includes the listing agent and the buyer’s agent fees. To cut down the commission in half consider going FSBO in Louisiana.Escrow Fee: A third party, known as an escrow, holds the property funds until the contract’s conditions are met. It typically costs around 1% to 2% of the purchase price, which is split between the buyer and the seller.Settlement Fee: The settlement fee ranges from $750 to $975. The settlement agent transfers the title from the seller to the buyer. Depending on state laws, you pay the settlement fee to the agent, title company, escrow company, or attorney.Government Fees and Real Estate TaxesProperty Tax: The tax you have to pay depends on the property value, which can be around 0.53%. The local governing body imposes this tax at closing. The prorated property tax is settled according to the purchase date.Homeowner Association (HOA) Fee: It charges monthly $100 to $500 for common area maintenance in Louisiana. If you fail to pay this fee, the HOA may foreclose on your home. HOA Estoppel Fee: The estoppel fee ranges from $100 to $500. It’s a legally binding document that outlines buyers’ post-closing financial obligations like monthly fees and outstanding dues.HOA Transfer Fee: The fee is $100 per applicant. If your house comes under HOA, then during closing, you must transfer the ownership of the home to the buyer in the HOA records.Seller Closing Costs Calculator for LouisianaUse this free seller closing cost calculator to get an estimate of how much you’ll need to pay when selling your home. Closing Cost Calculator How to Reduce Seller Closing Costs in Louisiana?These tips can help you reduce your seller closing costs:1. Opt for a Discount BrokerUnlike traditional brokers, who charge 6% of the sales price as commission, discount real estate brokers in Louisiana only charge between 0.5% and 2%. Some low-commission Realtors offer higher concessions if you let them represent you for your next real estate purchase.2. Choose “For Sale By Owner”(FSBO)Sellers can save up to 3% commission and cut several costs by opting for FSBO websites in Louisiana. Houzeo offers Flat Fee MLS packages for FSBO sellers that list properties on the MLS and make the selling process easier and pocket-friendly.3. Negotiate Better RatesNegotiation can save you thousands in seller closing costs. Instead of accepting the standard rates of attorneys, title companies, and appraisers, discuss better rates with them to reduce overall expenses.» Real Estate Attorneys in Louisiana: Find the best real estate attorneys near you.4. Negotiate With the BuyerBuyers are the ones who predominantly pay the closing costs

In May of 1987, the Village of Glenwood instituted a real estate tax. When this tax is paid by the seller of the property, a real estate transfer tax stamp is issued by the Village. This Stamp will be affixed to the deed of that property when it is recorded in the buyer's name by the county. No deed on the Village of Glenwood property can be recorded without this transfer stamp. REAL ESTATE TRANSFER TAX STAMP Real Estate Transfer Declaration FormRealtor checks, Money Orders & Personal Checks are NOT ACCEPTED for Transfer StampsProcessing fee for issuance of a Transfer Stamp is $5.00 of 1,000 of the selling price.A copy of the sale contract is necessary to verify the selling price of the property.EXEMPT REAL ESTATE TRANSFER STAMP Exempt Real Estate Transfer Stamp Ordinance No. 2015-11 Certificate of Exemption Form Realtor Checks, Money Orders & Personal Checks are NOT ACCEPTED for Exempt Stamps.Processing fee for the issuance of an exempt stamp is $50.00A copy of the DeedAcceptable forms of payment include:CashCashiers CheckAttorney's CheckTitle Company CheckRealtor checks, Money Orders & Personal Checks are NOT ACCEPTED For Transfer or Exempt Stamps

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