Real Estate Tax Center

tax resource center

 

Navigating the many tax-related legal documents and regulations that are necessary to operate a real estate business can be confusing, but they are imperative. The information and links included on this page are meant to be used as resources for starting and maintaining a legally-sound real estate business.

 

General Information for Businesses

Small Business and Self-Employed One-Stop Resource:
 Provides general small business information useful in all industries and professions. It includes links to small business products, employment taxes, electronic filing and paying, taxpayer burden reduction, and abusive tax avoidance transactions.

Issue Management Resolution System:
 The IRS Stakeholder Liaison function has established the Issue Management Resolution System. When stakeholder organizations notify the IRS of concerns about IRS policies, practices and procedures, Stakeholder Liaison researches the issues to bring about resolution.

Small Business Video and Audio Presentations:
 The video portal contains archived video of live panel discussions and audio from national phone forums, as well as other webinars and video clips.

Tips for Choosing a Tax Return Preparer: A few points to keep in mind when someone else prepares your return.

Industries and Professions:
 Specific tax information for agriculture, automotive, construction, entertainment, fishing, gas retailers, manufacturing, real estate, restaurants, tax professionals, and other industries.

Tax Information for International Businesses
: Information on U.S. taxes for both aliens living in the U.S. and U.S. citizens located overseas.

Tax Information for Tax Professionals
: Items on IRS.GOV that might be helpful to the tax professional.

 

Resources Specific to Real Estate

Real Estate:
 Information such as tax tips and trends and statistics for the real estate industry.

Tax Tips – Real Estate:
 Information on topics such as tax credits, rental income and expenses and the sale of your residence.

Avoiding Problems – Real Estate: 
Important information on recordkeeping and warnings of fraudulent real estate schemes.

Trends and Statistics – Real Estate:
 Industry specific and general survey results that might be of interest to the small business owner.

Audit Technique Guides – Real Estate: 
The IRS Market Segment Specialization Program publishes various guides for use by IRS employees conducting audits and as information for taxpayers and practitioners.

Related Links – Real Estate:
 Links to sites that have specific real estate related information.

Financial Resources – Real Estate:
 Direct links to many commonly used financial resources for small businesses.

Reporting and Paying Tax on U.S. Real Property Interests:
 The disposition of a U.S. real property interest by a foreign person is subject to the Foreign Investment in Real Property Tax Act of 1980 income tax withholding. FIRPTA authorized the U.S. to tax foreign persons on disposition of U.S. Real Property Interests.

Income Verification Express Service:
 The Income Verification Express Service provides two-business day processing and delivery of tax return transcripts. This service replaces the existing process that required manual pick-up and delivery of transcripts from the IRS Return and Income Verification Services units located across the country.

 

Tax Center Overview

Starting, Operating or Closing a Business
: Whether you’re a budding entrepreneur or an established business owner, you’ll find everything you need to start and manage your business venture.

Business Taxes
: The form of business you operate determines what taxes you must pay and how you pay them.

 

Getting Started

Tax Information for Businesses
: If you run a small business or are self-employed, the IRS Web site offers a wide variety of information to help you.

Checklist for Starting a Business
: This checklist provides the basic steps you should follow to start a business.

Business Structures
: When beginning a business, you must decide what structure to use. Legal and tax considerations enter into this decision.

Employer ID Numbers: Generally, businesses need an Employer Identification Number, also known as a federal tax identification number, to identify a business entity.

Online Application – Form SS-4, Employer Identification Number: Apply online for the Employer Identification Number

Forms and Publications
: IRS related forms and publications.

 

Electronic Filing

e-file for Business and Self-Employed Taxpayers: 
The IRS offers several electronic filing options designed specifically for the business filer.

Electronic Federal Tax Payments: Businesses and individuals can use the Electronic Federal Tax Payment System to pay all their federal taxes electronically, 24 hours a day, 7 days a week, via the phone, computer software or the Internet.

QuickAlerts “More” e-file Benefits for EROs
: Become one of the thousands of tax professionals that currently receive information on “up-to-the-minute” e-file events.

 

Employees

Businesses with Employees: 
Information about hiring, recordkeeping, and other topics for business owners with employees.

Independent Contractor vs. Employees
: Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services.

Employment Taxes for Small Businesses
: If you have employees, you are responsible for Federal Income Tax Withholding, Social Security and Medicare taxes and Federal Unemployment Tax Act (FUTA).

IRS Withholding Calculator
T: his easy-to-use calculator can help you figure your employees’ Federal income tax withholding so you can withhold the correct amount from their pay.

Retirement Plans for Small Businesses
: Information on employee retirement plans for employees.

 

Talk With The IRS

Contact My Local Office
: IRS Taxpayer Assistance Centers are your one-stop resource for face-to-face tax help and solutions to tax problems, every business day.

Taxpayer Advocate Service: The Taxpayer Advocate is an independent organization within the IRS. They help taxpayers resolve problems with the IRS and recommend changes that will prevent the problems.

 

Learning Center

Online Classroom
: The Small Business/Self-Employed Virtual Small Business Tax Workshop is designed to help new and existing small business owners understand and meet their federal tax obligations.

Small Business Tax Workshops
: Throughout the country various non-profit and government organizations offer small business workshops.

 

Resources

Small Business Resources
: This section offers links to a broad range of resources across federal and state agencies.

Small Business Products Online Ordering
: Choose from free products, developed especially for the Small Business/Self-Employed person, and obtain updated information on existing products.

e-News for Small Businesses
: A free electronic mail service designed to provide tax information for small business owners and self-employed individuals.

 

Abusive Tax Schemes

Tax Scams – How to Recognize and Avoid Them: To help the public recognize and avoid abusive tax schemes, the IRS offers an abundance of educational materials. Participating in illegal schemes to avoid paying taxes can result in imprisonment and fines as well as the repayment of taxes owed with penalties and interest. Education is the best way to avoid the pitfalls of these “too good to be true” tax scams.

 

Disaster Information

Help for Hurricane Victims: The IRS is working to provide appropriate relief and assistance to victims of Hurricanes Katrina, Rita and Wilma.

Tax Relief in Disaster Situations
: Special tax law provisions may help taxpayers recover financially from the impact of a disaster, especially when the president declares their location to be a major disaster area.