The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA. The Basics Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their…
The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA. The Basics Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their…
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. Form 1099-S Reporting Requirements Attorneys that handle real estate closings…
1) You Don’t Have a Capital Gain 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…
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.