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

Posted in Tax News on August 21, 2012

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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The Difference Between Short-Term and Long-Term Capital Gains

Posted in Tax News on November 2, 2011

The sale of a capital asset will result in a capital gain.  Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate.  The holding period…

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