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The Significance of Stepped Up Basis in Estate Planning IRC 1014

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death. This is often referred to as stepped up basis and it is

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Posted in Basis, Cost Basis, Death, Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Tax planning, Trusts

Is THAT Gift Taxable – IRS Form 709

The IRS instructions to Form 709 Gift Tax Return spell out the general rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000 to as many different

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Posted in Gift Tax

Why is Halloween So Scary – 2015 Tax Planning Will Be Hugely Complicated and Profoundly Significant for most ALL Taxpayers

Once again another year is almost behind us and right after the new year income taxes are coming. The forthcoming tax environment is extraordinarily unusual and can subsequently be very scary. Basically what you need to know is that ALL Americans

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Posted in Gift Tax, Health Insurance, ObamaCare, Paying Taxes, Tax Guidance & Preparation

Basic Steps to Avoiding Probate

As many of you know that follow this blog my father recently passed away and I've been called upon to settle his financial affairs. My biggest fear is probate and after studying the tax code I have grown to be of

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Posted in Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Probate

Gift Tax on Transferred Real Estate

The person or entity transferring a property has a capital gain to the extent that the amount realized exceeds the adjusted basis of the property. However according to Reg § 1.1001-1(e) no loss is allowed on a transfer that is part

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Posted in Estate Tax, Family, Gift Tax, Rental Real Estate

What $$ IS Taxable: IRS Publication 525

I've been engaged in a running dialog with extraordinary nuances as to whether a loosely organized group of people are or are not fully recognizing taxable revenue from engagement in barter transactions with each other. The nuances inside this topic

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Posted in Barter, Gift Tax, Income, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Records, Taxable Income

Acquisition Debt and Divorce

Generally speaking IRS regulations provide that debt incurred to acquire the interest of a spouse or former spouse in a residence, incident to divorce or legal separation, may be treated as acquisition indebtedness under IRC Sec. 163 (mortgage interest deductions) without regard to the treatment

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Posted in Basis, Debt, Family, Gift Tax, Home Office, Marriage, Tax Guidance & Preparation

Is My Charity Legitimate with the IRS

Now is a GREAT TIME OF YEAR TO MAKE A CHARITABLE DONATION if you are so fortunate. When you make a donation to a charity you may be able to take a deduction for it on your tax return as

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Posted in Charitable Contribution, Gift Tax, Taxable Income

Surviving Spouse Estate & Gift Tax Exclusion

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to

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Posted in Estate Tax, Gift Tax, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests, Trusts
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