Blog Archives

How to Declare a Casualty Loss From Hurricane Sandy

  Hurricane Sandy has left her mark.  This included power outages, significant property damage and, sadly loss of life.


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

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


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3 Reasons You Likely Won’t Pay Income Taxes When You Sell Your Home

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


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5 Reasons Donors Should Give Appreciated Property

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.


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The Difference Between an IRA and a Roth IRA

Deciding whether to open an IRA or  a Roth IRA is a major decision with potentially large financial consequences. Both forms of the IRA are great ways to save for retirement, although each offers different advantages and rules. 


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