The Tax Court has rendered a decision that could affect unmarried individuals who share a residence, same-sex married couples and multiple families who pool their resources to purchase a vacation home. Charles Sophy and Bruce Voss bought two houses as joint tenants. They financed the purchases by obtaining a mortgage secured by each house. Sophy […]
This year may be the last year to take advantage of some unique estate and gift tax planning opportunities. The current estate and gift tax law is set to expire Dec. 31, 2012, just like the Bush-era income tax cuts you hear so much about. Absent congressional action, the $5.12 million estate tax exemption and […]
Do you know about the new foreign financial asset reporting requirements? If not, you could be facing significant risk – not only because of the potential for substantial penalties but also because the failure to disclose foreign financial assets leaves open the statute of limitations on taxpayers’ returns. Section 6038D of the Internal Revenue Code […]
With the looming expiration of the $5 million estate and gift tax exemptions and the current favorable top tax rate of 35 percent, estate tax planning has become a significant area of focus among many tax advisers. Possible expiration of these provisions has fueled the emphasis on the importance of addressing the impact on individuals […]