• Required Minimum Distributions RMD

    HEIR HAZARDS when INHERITING an IRA RMD (Required Minimum Distribtutions) are required when the owner turns 70 1/2 years old. NON-SPOUSE beneficiaries can ‘stretch’ the regular inherited IRA over their own life expentancy but must start the RMD the year following the death of the owner. While ROTH IRA owners never are required to distribute RMD, NON-SPOUSE beneficiaries must.  Those withdrawls are…

  • 2014 Estate & Gift Tax Exemption

    2014 Estate & Gift Tax Exemption is based on $5,340,000. 2013 amount was $5,250,000. […]Read More… from 2014 Estate & Gift Tax Exemption

  • Identity Theft special PIN

    IRS is testing the applicaiton for a special PIN (Personal Identification Number) for eligible taxpayers in Florida, Georgia, and D.C.  These three locations have the highest per capital percentage of tax-related identity theft issues. […]Read More… from Identity Theft special PIN

  • 2013 OOPS.. Mortgage not deductible

    If you don’t record the mortgage, the interest is not deductible.  In the case of DeFrancis, TC Summ. Op. 2013-88, while the mother-in-law had a mortgage secured by the home, the mortgage was not recorded.  Since a potential buyer would not know of this mortgage, the Tax Court ruled an unrecorded mortgage is not deductible. […]Read…

  • 2014 Social Security Earning Limits

    If you turn 66 in 2014 you will not lose any social security benefits if you earn (W2, self employed, working partner) $41,400 or less before reaching age 66. Individuals 62 to 66 by the end of 2014 can earn up t $15,480 before a redution in beneficts.  There is NO EARNINGS CAP once you are 66. […]Read More……

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