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The Difference Between an Inherited Asset and a Gift Received

Posted in Tax News on August 18, 2013

Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold. Inherited Asset For an inherited asset you generally take this asset over at the Fair Market Value at the…

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How to Calculate Your Cost Basis and Save Money…Guaranteed

Posted in Tax News on August 11, 2013

When you sell a capital asset you need to know when you purchased it and what the cost basis is.  These will be used to determine what your capital gain (or loss) is.  Capital assets are items such as stocks,…

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How to Use a Roth IRA to Purchase Your First House

Posted in Tax News on August 4, 2013

  It can be difficult for younger people to save up to purchase their first house.  Paying rent, making a car payment and perhaps paying off a student loan can drain your cash flow. While a Roth IRA is designed…

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3 Easy Steps to Rent Your Real Estate to Your Business

Posted in Tax News on July 29, 2013

    Many business owners will eventually buy a building and then rent it to their business. This can be an appropriate strategy for many.  If you are planning on being in business for an extended period of time why…

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Why I Asked My Daughter to Give Me a Power of Attorney

Posted in Tax News on July 21, 2013

Recently my daughter turned 18.  In Connecticut this is considered the age of majority.  In other words, she can make her own decisions.  Well, that’s what the law says.  However, she’s still living under my roof, so, well, she’s got…

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