Outstanding Source of Material – The Internal Revenue Service
This URL should be in your special group; irs.gov. I use it all the time. In the recent past I have visited the site for information on Equity Sharing, Mandatory Distribution of IRA’s, Standard Deduction, 1031 Exchange, 2018 Changes, Tax Rates, Passive Losses, Residence Gain Exclusion, etc. etc. etc.
Non-attorneys cannot give tax advice no matter how much you want to do so. It is against the LAW. However, you should have a strong concept of what is going on so you can tell someone when they must get tax or legal advice. As real estate professionals the only item that we have is information so let’s keep learning.
About Standard Deduction
On my last trip to the site I came across an interesting little tool. It is called, “How Much Is My Standard Deduction”. This is a quick survey that will give you an estimate of what your Standard Deduction is under the new Tax Law.
You will need ages of you and your spouse, filing status, basic income information etc. You will note that extra amounts of deduction are added for taxpayers over the age of 65 and for those who are blind.
It takes about 3-5 minutes to do and could answer some questions for you and acquaintances. Note: It states that these answers do not constitute written advice in response to a specific written request of the taxpayer within the meaning of section 6404(f) of the Internal Revenue Code. Protecting their assets.
Also, be aware that not all online tools are perfect. The answer they gave me was wrong, and I completed it three times. The computer was leaving off one of my extra deduction items. (Yes, I am one of the Senior Seniors). So check everything and be sure to find a competent tax advisor.
Be a Resource
The IRS website should be a guide and a helper to you. When you give any kind of information, the information is given authenticity when you include a Code Section of the IRS. Be the information source in your area.