• Personal Residence Sale – History of Law

    A taxpayer’s principal residence is a capital asset. Upon the sale of a principal residence, the taxpayer realizes capital gain or loss. However, no loss is recognized, because a residence is personal in nature. In the case of a sale that produces gain, the Code, as amended by the Taxpayer Relief Act of 1997, provides an…

  • Can Unused Rental Losses be Deducted in a Bankruptcy?

    Can you deduct unused rental losses in a bankruptcy? LAW:  Under IRC § 469(g), current and carryforward passive activity losses are fully deductible in the year of an entire disposition in a fully taxable transaction to an unrelated party.  A qualifying disposition may create a Net Operating Loss (NOL) which can be carried back.  See IRC § 172 Once…

  • Who Paid the Most Tax ?

    The latest year data available form the IRS indicates the top 10% of US taxpayers in 2011 paid 68.3% of all federal income tax paid in 2011. […]Read More… from Who Paid the Most Tax ?

  • RMD for 70 1/2 in 2014

    If you are turning 70 1/2 in 2014 a REQUIRED MINIMUM DISTRIBUTION (RMD) is necessary from your retirement accounts.  You can either withdraw the 2014 distribution by 12.31.14, OR you can defer for three months to 04.01.15. The option to defer is permitted only for 2014, the first year of RMD.  Thereafter, you will need to take the RMD…

  • RMD Penalty

    Failure to withdraw the REQUIRED MINIMUM DISTRIBUTION (RMD) from retirement accounts will result in a 50% penalty of the required amount that was not distributed! Call us if you need further clarification. […]Read More… from RMD Penalty

View All Blog Posts