Personal Finance Kiplinger’s Personal Finance Adviser has some recommendations in their January issue. I have been a believer in them since the 60’s. You have to believe in someone or something. Tax return information: three years. I happen to believe that you keep the actual return for your lifetime. Get to go back and amuse […]
Archive | Tax
Tax Filers May Get Unpleasant Surprise
Tax Bill Changes Due to all the changes in the tax bills some taxpayers may find that their refund is not as much as they have received in the past. According to IRS the refund averaged about $2,800 of the majority of taxpayers. Some of our taxpayers might have gotten more income during the year, […]
Useful Tip For Real Estate Salespersons And Loan Originators
I Attended A Meeting Of The California Association Of Mortgage Professionals And heard a useful marketing tool mentioned again by Nelson Otero, President of the Southern Los Angeles County Chapter. I say again because Professional Real Estate Broker Terry Yapp of Mission Viejo has followed this technique with me many times. Just After The […]
Confusing These Rules Can Cost You
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 […]
Dining And Wining
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, […]
Recently I Wrote A Post Concerning Gift And Estate Tax Regulations
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 […]
Real Estate Agent: More Money??
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” […]
More Info On The New Tax Reform As Some People Call It
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 […]