Financial Advice for Retirement, Social Security, IRAs and Estate Planning

Deductions

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New Deduction for IRA Owners

Many IRAs charge a wrap fee that includes money management, account maintenance, and perhaps other costs in one annual or monthly fee. A recent IRS private ruling states that many of these wrap fees can be paid with money outside of the IRA without the payment being treated as an additional contribution to the IRA. […]

how-to-reduce-taxes-by-passing-up-some-deductions

How to Reduce Taxes by Passing Up Some Deductions

In early October, Congress voted to extend for another year the higher exemption amounts for the AMT that were enacted in the 2003 tax law. The exemptions were to expire at the end of 2004. Yet, many of you still are likely to be snared by the AMT. You need to carefully review your finances […]

tapping-that-new-real-estate-wealth

Tapping that New Real Estate Wealth

Managing the equity in appreciated homes and second homes has become a pleasant and unexpected challenge for many. Especially on the coasts, residential real estate values soared the last five years. Suddenly owners, especially long-time owners, have properties that are more valuable than they imagined. For many families, real estate wealth exceeds the value of […]

how-to-maximize-retirement-community-deductions

How to Maximize Retirement Community Deductions

A portion of long-term care expenses are deductible as medical expenses. The question taxpayers often ask is what portion of the fees paid to retiree communities, such as assisted living facilities or nursing homes, can be deducted. The Tax Court recently stepped into this issue and set some new rules. When someone enters a nursing […]

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The Overlooked Triple Tax-Saving Tactic

Estate planners agree that one of the most underused strategies is the charitable remainder trust. That might change. New trends are making CRTs more attractive. Taxpayers with appreciated property should take a fresh look at CRTs as part of their retirement and estate planning strategies. In a CRT, an individual transfers appreciated property to the […]

maximize-profit-second-homes

How to Maximize Shelter and Growth in Second Homes

Stocks and second home sales both soared during the 1990s. They parted ways in the 2000s. While stocks turned south, prices of second homes continued to climb. It is no coincidence. More people are turning to second homes as investment alternatives. The National Association of Realtors reports that purchases of second homes for investment purposes […]

new-rules-on-tax-free-home-sales

New Rules On Tax Free Home Sales

The IRS recently made it easier to cash out a principal residence tax free by plugging gaps and uncertainties in the 1997 rules on tax-free gains. The IRS filled the gaps in ways that are generous to taxpayers. Previously, anyone with a deductible home office had to separate the tax basis and sale proceeds of […]

most-overlooked-deductions

Most Overlooked Deducations

Many taxpayers don’t take all the deductions to which they are entitled. Some think all the good deductions were eliminated in the Tax Reform Act of 1986. Others are afraid that the IRS will audit them for taking certain deductions. A lack of good records is the problem for a number of taxpayers. For most […]

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