Month: March 2019

Five Tips to Avoiding the Tax Hazards of Renting to Relatives

If a taxpayer has more than one home, renting one to a relative may appear at first glance to be a win/win. The son, daughter, cousin or old mother would take good care of the property, and the taxpayer could help their relative by giving them a break on their rent. But the taxpayer may …

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How 1400z Opportunity Zone Investment Drastically Reduces Capital Gains

To taxpayers facing large capital gains, very few strategies exist to defer or eliminate the tax altogether. That all changed with tax reform.  The Tax Cuts and Jobs Act passed at the end of December 2017 created major changes in the tax structure, and not the least of these may be found in IRC Sections …

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Good News for the Rich: No Clawback on the Recent Doubled Tax Exemption for Estates and Gifts

The federal government taxes large estates, but under the recent Tax Cuts and Jobs Act, (TCJA), P.L. 115-97, which went into effect January 1, 2018, the exemption for estate and gift taxes doubled – temporarily. The double exemption disappears after 2025 unless Congress extends it.  There has been concern that when the exemption goes back …

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