Posts Categorized: Tax Advice

2017 Year End Tax Saving Tips

Since both the House and the Senate bill have the same intentions to eliminate many itemized deductions, now is a good time for itemizers to consider taking advantage of the following tax tips before the end of 2017.   It is reasonable to speculate that the final tax bill, once it is signed into law, will… Read more »

Don’t mortgage, or refinance real property without knowing how it effects your taxes – Part 1

Many taxpayers make the mistake of refinancing their primary or second residence, or real property held for investment, and then find out that some or all of the interest is not deductible.  Contrary to what friends, relatives, and others may tell you, mortgage interest is not always deductible.  Certain conditions must be met in order… Read more »

Don’t Buy or Sell Any Business or Investment Personal Property without Talking to Your Tax Advisor

  Like selling real property, one should not contemplate buying or selling tangible or intangible personal property without consulting with your tax advisor.   The most common assets sold by most taxpayers are investments assets consisting of stocks or other securities.  Typically, the length of time a taxpayer owns the security is critical in determining… Read more »

Don’t Buy or Sell Any Real Estate without Knowing the Tax Ramifications

Real estate values have recovered since the crash at the end of the last decade and I have noticed many clients are contemplating selling appreciated real property. Doing so has the potential to generate large federal and state tax liabilities.  There are many provisions in the tax code that allow for partial or complete exclusions… Read more »