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 […]
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. […]
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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