If you think you might be inheriting property in the future, you need to consider the tax implications. The tax implications could be very different depending on whether you choose to receive it as a gift or inheritance. You should consider the inheritance taxes and gift taxes before transferring property. Inheriting property In most cases,…
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The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes the Setting Every Community Up for Retirement…
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You might not know that in addition to the typical investments in stocks, bonds, and mutual funds, you’re allowed to hold almost any type of asset in your retirement account (with the exception of collectibles, precious metals, and life insurance.) Holding real estate in IRAs is a great option for many investors. Tax Benefits To…
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My kids are college age and finding affordable, safe housing for them is a top concern. I have a couple of friends who’ve opted to purchase property by their child’s campus for them to live in through their college careers. I did a little research to find out if it would be a viable option…
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My wife and I have recently started a family and are completely thrilled over becoming new parents. After coming home from the hospital, we very quickly realized that there are several new financial responsibilities that come with being a parent. We did our due diligence and felt prepared for most of the big changes, but…
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The home office tax deduction has been difficult to claim in the past. Luckily, the IRS has made it far more accessible in recent years. How, you ask? By simplifying the process as a whole. The IRS released the simplified option in 2013 which can save taxpayers a significant amount of time and paperwork. The…
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