A Parent Has Owned A Home For A Long Time And their purchase price plus improvements is much less than a current sales price. A broker called me to tell me that they had a problem. “To avoid probate, the mother had put the daughter on title as a joint tenant. Upon death the daughter […]
There Have Been Many Discussions About entertainment and meals deductions under the Tax Cuts and Jobs Act. The answer is different for each. A reference that you might check is IRS Notice 2018-76. Put that in your browser and you have your answers. My understanding is that deductions for entertainment, amusement, or recreation are kaput, […]
Conclusion: There are no problems until you gift over $11,000,000.00 person. No tax to pay by anyone but the gifter has to file a form with IRS if they give more than $15,000.00 to anyone in the same year. Any questions question your tax expert. Do not make gifting decisions after reading anything or anyone […]
The National Association Of Realtors Has A Herd Of Attorneys Analyzing The Tax Cuts & Jobs Act There is some good news for agents who qualify as independent contractors or pass-through business owners with personal service income. Here Is An Excerpt From Their Latest Article On The Subject: “Major Provisions Affecting Real Estate Professional” […]
I Call It The New Tax Cuts Not too much reform in my opinion, and I believe that my tax return due April 15, 2019 will be more complicated than ever before. Now, the 1986 Act that was reform. It sure reformed the Commercial Real Estate Business when it drastically changed depreciation rates and did […]
