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Tax Issues When Winding Up the Estate of a Loved One

Tax Issues When Winding Up the Estate of a Loved One When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent’s financial affairs. Surviving family members are often unprepared for the tax…

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Three Ways to Get Tax Breaks for Home Improvements

Three Ways to Get Tax Breaks for Home Improvements Are you planning to make substantial renovations to your home? You may be adding a deck or patio, finishing a basement or attic or installing a pool. Despite some changes in the Tax Cuts and Jobs Act (TCJA) that may discourage homeowners, you can still realize…

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Delinquent Taxpayers May Experience Passport Issues

Delinquent Taxpayers May Experience Passport Issues Let’s say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. The person may not be able get a passport if he or she owes the government a significant amount…

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You May Want to Separate Real Estate Assets from Your Business

You May Want to Separate Real Estate Assets from Your Business Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial…

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Proposed Reliance Regs for Qualified Opportunity Funds

Qualified Opportunity Funds: The IRS Issues Proposed Reliance Regs The IRS has issued proposed regulations that provide guidance under new provisions added by the Tax Cuts and Jobs Act (TCJA) related to Qualified Opportunity Funds (QOFs). Specifically, the guidance addresses the gains that may be deferred as a result of a taxpayer’s investment in a…

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