• IS LIFE INSURANCE TAXABLE?

    SOMETIMES the life insurance company is required to pay interest from date of death to the date they issue the check. i.e. You receive $100,010.  The life insurance $100k is not taxable.  The extra $10 is interest and is taxable. […]Read More… from IS LIFE INSURANCE TAXABLE?

  • A word of caution on property transfers…..

    Let’s say you gave someone $600k of property at today’s market value.  It has been owned along time and only $30k is the original purchase price.  We can add improvements to the original $30k say a pool, additional room,…. Add those improvements of $40k to the $30k and we have what we call BASIS of $70k.  That…

  • 2024 GIFT TAXES – THE BASICS

    In 2024 any individual can give any other individual up to $18,000 of stuff in the calendar year 2024 without any tax implications (no money to pay, no reporting on any tax form). Then the next year could do the same thing.  I’d suggest if a check is written that in the memo section the giver…

  • MEDICARE WENT UP ….  OUCH!

    There are reasons for Medicare to Increase…. Your income is higher.  That’s good and we hope your income stays higher. But what if it increase because of an unusual event… can we explain that and get it lowered? Well, yes, kind of and maybe.  Check this list.  Even if your reason is not on this…

  • Wash-Sale Rule and Crypto

    Selling securities at a loss, then purchasing substantially identical securities within 30 days prohibits the capital loss write-off. This includes transactions between spouses and closely held corp. Crypto losses are CURRENTLY not considered securities.  Therefor the wash-sale rule does not apply. […]Read More… from Wash-Sale Rule and Crypto

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