Category: Capital Gains Tax
“Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?” If this winter-like weather plus pandemic have left you wondering about how to get started on passing the family vacation home to the family or preparing to sell it in the future, you’ll need […]
“Coupled with the upcoming presidential election, small to mid-sized business owners are faced with a slew of financial decisions that could impact the wealth of their business and the legacy they leave to their successors.” The upcoming presidential election is giving small to mid-sized business owners concerns regarding changes in their business, business succession planning, […]
“Sometimes it can be wise (or just pleasurable) to give your assets away, while you’re still alive.” Traditionally, giving assets away while still living was done in an effort to minimize tax liability at death. However, with the federal tax exemption amount at $11.4 million and growing each year with inflation indexing, federal estate taxes […]
A checklist can help you stay on top of preparing for those later days. You work long and hard during your life and those retirement days are finally approaching. Unfortunately, some are prepared for those days and some are not, according to CNBC in “Nearing retirement? This checklist can help you make sure you’re financially […]
Even if net worth is not high, a second look at your plan can be beneficial. The Federal Tax Cut and Jobs Act is a good reason for people, regardless of the amount of their assets, to either create an estate plan or review an already existing plan, according to the Atlanta Business Chronicle in […]
If you receive an inheritance, it is wise to consider the impact. There are many things that can be inherited and one must be careful of the impact on a family’s tax liability, according to the Orange Town News in “Will I Pay Taxes on My Inheritance“. Here is a partial list of different assets […]
Shortcutting the process can save money now. However, it will be costly later and cause problems for heirs. Trying to work around estate planning with limited knowledge can often create more problems than it solves, according to My San Antonio in the article “Estate planning workaround idea needs work“. The article concerns a rancher who […]
People who cash out their mutual funds usually face tax consequences but it’s much simpler for those who inherit the funds. Tracking the price paid for mutual fund shareholders is necessary to know the original value at the time of purchase in order to account for income from the funds and pay the capital gains […]
Both the executors and the heirs who inherit property could get their ways in fair market value differences for estate tax and capital gains tax purposes – until now, because the loophole is closed. The value of an estate determines the amount of tax due with no estate taxes due if the estate was worth […]
As end of year approaches, it is time for celebration, holiday gifts and tax planning. Tax consequences often need to be considered when it comes to giving some gifts on holidays while others—small, less expensive gifts—fall under the radar and have no major tax implications. However, what if you want to give something bigger, such […]
