• Life Estate Taxes to Seller

    Tax Implications to the Seller The sale of a life estate in the home is considered a partial sale of an interest in real estate subject to income tax on any gain realized. The sale would qualify for the homestead exemption under Section 121 of the Internal Revenue Code that allows for an exclusion of gain…

  • 2014 Tax Law-not totally known

    Technically, the sales tax deduction lapsed after 2013.  Congress for the last several years has waited until December to decide what the law is… and much of it is retroactive. So, right now there is no sales tax deduction for vehicles and other major purchases…. but probably it will be un-lapsed (that a word?)… or renewed for…

  • 2015 Social Security Withholding

    Social Security Taxable Maximum Rising to $118,500The maximum amount of earnings subject to Social Security tax will rise to $118,500 in 2015, from the current $117,000, the Social Security Administration announced October 22, 2014 […]Read More… from 2015 Social Security Withholding

  • 2014 Social Security Wage Base

    2014 Social Security wage base will increase by $3,300 to $117,000. The rate of 6.2% for social security remains the same and applies to both the employee and the employer. The rate of 1.45% for medicare remains the same and applies to both the employee and the employer and applies to the total wages (no limit). A…

  • Is 2014 PMI tax deductible?

    PMI is Private Mortgage Insurance.  It is a premium paid by the homeowner to lower the risk of the mortgage holder since equity % is below their requirement (generally 20% required). So, is PMI tax deductibe in 2014? MAYBE.  So many of the laws for the last couple of years have been unknown until December, and…

View All Blog Posts