Your homestead is usually the largest asset you might own. Most people would prefer to stay at home as long as possible - even if there is a need for skilled care rather than living in a facility. As a result, often elderly (over age...
Earlier this year, the IRS made a revenue ruling whereby assets transferred into an irrevocable trust without certain elements of retained control by the grantor (the one who established the trust) would fail to be entitled to a “step-up” in basis. If an individual has...
Prior to the passage of the SECURE ACT, trusts named as a beneficiary of a retirement account could be prepared to stretch distributions (for tax-deferred growth) over the lifetime of the designated beneficiary. However, unless the beneficiary is either (1) a spouse; (2) someone less...
As a result of the February 2021 winter storm in Texas, the IRS has extended until June 15 business and individual tax returns filings and payments to be made by Texas taxpayers. This includes business tax returns for 2020 normally due on March 15 as...
If you have a dependent (i.e., a young child, an elderly parent or a disabled child) who lives with you more than one-half the year and who cannot be left alone, you might be entitled to a tax credit. Although you can no longer claim a...
The great majority of Americans who were able to get a tax deduction for giving to charities in prior years may no longer itemize and take advantage of such deduction in year 2018 and thereafter. This is a result of the doubling of the standard...
The IRS announced last month that the estate and gift tax exemption will be $11.4 million per individual (up from $11.18 million) as of January 1, 2019. In other words, there is no federal estate tax for heirs of a person who is single if...
Although many realize you can make a tax-free gift of $15,000 per calendar year, per recipient without having to report the gift to the IRS, we often find that most are unaware of unintended adverse consequences that could result from that act of generosity since...
Steven Mnuchin, the U.S. Treasury secretary, reportedly said at a July meeting of the Group 20 summit meeting in Argentina that the Treasury Department was reconsidering the definition of “cost” to allow taxpayers to adjust the initial base (value) of an asset for inflation when...
As a result of the passage of The Tax Cuts and Jobs Act in December 2017, there has been an increase in the standard deduction which should result in less taxpayers itemizing their tax deductions. Most retired Americans have paid off their home mortgages and...
