Did you pay the new 0.9% Medicare Surtax and 3.8% Net Investment – How did that go?

• John Mottram
• May 25th, 2014
•   Blog

Well as you know now, 2013 was the first year the new 0.9% Medicare surtax and the new 3.8% tax on net investment income. OK, let’s get in to detail. The  income that is subject to tax under these new provisions is different, but  there is an overlap in the definition of taxpayers subject to […]

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So your wondering if you should make that gift!

• John Mottram
• May 17th, 2014
•   Blog

The gift tax only kicks in after lifetime gifts exceed $5.34 million in 2014 The first thing to know about the federal gift tax is that gift givers—not gift recipients—have to pay it. Thankfully, you won’t owe the tax until you’ve given away more than $1 million in cash or other assets during your lifetime. […]

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What taxes will I pay if I sell my rental property that I also used as my principal residence?

• John Mottram
• May 10th, 2014
•   Blog

If you have a rental unit that has a substantial amount of equity you may be able to take advantage of the Home Sale Exclusion if you lived in the house at any time before it is sold. However, before you move ahead there are a number of tax consequences that you need to be […]

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