On April 2, 2009, the IRS announced they will reduce the penalty for not filing a Report of Foreign Bank and Financial Account, known as a FBAR Form. The current penalty is up to fifty percent (50%) of the highest annual balance of each account for each of the last 3 years. The 50% penalty … Read more
1031 Exchange and Tax Advantages A 1031 Exchange or Like Kind Exchange is defined by Section 1031 of the InternalRevenue Code. This code specifies that if an asset (usually some form of real estate such asland or a building) is sold and the proceeds of the sale are then reinvested in a like kind of … Read more
I’ve just completed my ninth year of being completely debt free. On January 19, 1999 I paid off my first home. That 30-year mortgage ended up being only 6 ½ years, saving me over ,000 in interest payments. Six years ago, we moved. We doubled our real estate assets and increased our net worth. … Read more
Many people will generally get panic when they receive notices from debt collection agencies and are not aware of the risks that are associated with accounts that are delinquent as the creditors have many options available for them to recover their amount. For this reason, I meant to write this article to help the debtors … Read more