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Do You Have to File a 706 Form to Get a Step Up in Basis?
Inheriting property can trigger tax questions. After all, there can be taxes for the estate and the beneficiaries. But there is a lot that determines where taxes will come from on inherited property.
If I Sell Inherited Land, Is it Taxable?
Heirs who inherit property or expect to inherit property will generally have a number of tax questions. Are taxes due now or only when I sell? Are taxes owed in the future? How much in taxes will I have to pay?
Are K-1 Distributions Considered Taxable?
Schedule K-1 is a tax form that reports income, losses, and dividends. The K-1 can be used by partnerships, S-corporations, and trusts to report income, losses, deductions, credit, and distributions to their stakeholders and the IRS. Depending on the issuer, the information on the K-1 is used to complete Form 1065 (partnership tax return), Form 1120-S (S-corporation tax return), or Form 1041 (trust and estate tax return).
How Much Can You Inherit Without Paying Taxes?
Every so often, Congress introduces bills to reduce or repeal what are known as “death taxes.” Eliminating these levies tends to create controversy; one side argues that the estates of high net-worth descendants should pay their fair share in taxes. The other side argues that such a tax is unfair to those left behind.
What Are Tax Planning Strategies When Your Clients Are Selling a Business?
Selling a business at a profit can generate a large tax bill. Experienced business owners know that successfully navigating the tax code is a critical skill. We’ll expand on three tax planning methods that business owners can employ to limit their tax impact.
Do You Recapture Depreciation on an Installment Sale?
In a previous blog, we discussed the benefits of selling real estate assets through installment sales. Offering an installment sale agreement could widen the buyer pool. Additionally, this method can help decrease capital gains taxes.
When Should I Receive My 1099-R Form?
A 1099-R form is specifically related to distributions from retirement accounts and is essential for reporting your income accurately to the Internal Revenue Service (IRS). So, when should you expect to receive your 1099-R form?
Is Estate Planning Tax Deductible?
Estate planning is a financial and legal process that allows individuals to efficiently transfer their assets to heirs while potentially minimizing estate taxes and ensuring their wishes are carried out after they pass away. It involves creating wills, trusts, powers of attorney, and other legal documents to protect wealth and ensure a smooth transfer of assets to the next generation. But, is tax planning tax deductible?
How Long Can You Carry Over Rental Losses?
No one goes into owning real estate with the idea that they might take a loss on it. But it can happen—issues like depreciation, unexpected repairs, or a sudden bump in interest rates that might impact your mortgage.
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