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The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.
Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity. This is known as a Qualified Charitable Distribution. The donation must be made directly from the … Continue reading »
Hurricane Sandy has left her mark. This included power outages, significant property damage and, sadly loss of life.
Recently a new client came to us. The Internal Revenue Service ("IRS") was looking for $262,532 in back taxes. This was from the sale of their home two years ago.
Attorneys that handle real estate closings must report the proceeds on IRS Form 1099-S, Sale of Real Estate Property. There is an exception to this however. If the seller of the real … Continue reading »
Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase price of the property plus improvements. Improvements would include things like a new roof, new heating system or a deck being added to the home. Unfortunately many people … Continue reading »
Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item.