What’s the Difference in Capital Gains Taxes?

February 24, 2013 Tax News 2 Comments Print this page Share

 

Capital Assets

Capital assets are generally those held for investment.  Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.

---

5 Easy Steps to File Your 1099′s….Guaranteed

January 6, 2013 Tax News 0 Comments Print this page Share

 

It’s time for business owners to file their 1099′s.

 

Here are 5 Easy Steps to do this:

 

 

1) Determine who you will be Required to File a 1099 For

Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year.  Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »

---

When (and How) to Declare the Sale of Your Primary Residence

August 21, 2012 Tax News 0 Comments Print this page Share

 

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 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 »

---

3 Reasons to Recognize Capital Gains in 2012

July 3, 2012 Tax News 0 Comments Print this page Share

 

1) The Long-Term Capital Gains Rate is Going Up

 

Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules.  The stated rate on long-term capital gains is currently 15%.  If Congress fails to take any action, this will increase to 20%.  The … Continue reading »

---

Rental Property Owners Get Relief from 1099 Reporting Requirements

November 28, 2011 Tax News 5 Comments Print this page Share

Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns.  This act was going to make owners of rental properties report payments totaling $600 or more during the course of the year for any expenses relating to these properties. The provision required even the smallest property owners — those who … Continue reading »

---