Philadelphia, PA
Probate Lawyer at Philadelphia, PA
Practice Areas: Probate, Estate Planning, Tax
RELATIONSHIP TEST The child must be the taxpayer's child or stepchild (whether by blood or adoption), foster child, sibling or step sibling, or a descendant of any of them. AGE TEST The child must be...
See Full GuideNOL and Carrovers in the Discharge Year The amount of net operating loss and carryovers in the discharge year is reduced first. The amount of reduction shall be $1.00 for each $1.00 of COD income exc...
See Full GuideREVERSIONARY INTERESTS UNDER SECTION 673 Where the grantor holds a reversionary interest that exceed 5% of the value of the trust, the grantor is taxed on trust income POWER TO CONTROL INCOME OR PRIN...
See Full GuideTaxpayers sometimes fail to recognize the tax savings associated with gift giving. The following are some of the tax planning tools available when gift giving is utilized for tax savings....
See Full GuideFAILURE TO HAVE A GIFT GIVING PLAN Taxpayers sometimes fail to recognize they can give $13,000 per year to as many donees as they desire. In addition, the spouse can join in such gift for an additio...
See Full GuideIRS STATEMENT OF VALUE For items of art valued at $50,000 or more, taxpayers can rely on a statement of value from the IRS. This is a procedure similar to the IRS private letter ruling option. Unde...
See Full GuideMANDATORY RETIREMENT AGE Many businesses employ this provision to provide for a smoothe transition between ownership interests and generational considerations. ALLOWABLE ACTIVITIES WITH CLIENTS AFTER...
See Full GuideWhen Buying a Home When you buy a home, prepaid interest, or points, are deductible immediately in the year paid. Refinancing When you refinance, points are amortized and deducted ratably over the li...
See Full GuideYou should consider converting if: 1. You expect your tax rate to be higher in retirement or you do not think you will need the money for living expenses. 2. Your investment horizon is long enough ...
See Full GuideINTEREST OF ACQUISITION DEBT Interest on acquisition debt is deductible, but only to the extent this acquisition debt does not exceed $1 million. Generally, acquisition debt is debt incurred to acqu...
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