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Thinking of Selling Your Home? Tax Considerations Understanding the Home Gain Exclusion when selling your home: One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion will always keep you safe from tax can be a big mistake. Here is what you need

Identity theft PINs are for 2015 not 2014 If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier, your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice. What has happened IRS notices that have this one-time PIN are hitting the mailboxes of identity theft

Home Gain Exclusion: What to Know and Do For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two years as long as you meet a two-years out of five residency and ownership test before you sell the property. In this article, we will explore the home

Sometimes tax laws create a natural conflict of interest among taxpayers. Establishing property values in an estate after someone dies is an area that creates this conflict. A new tax law is now in place to address this problem. Here is what you need to know. The problem Estate goal: Value property as low as possible. Estates want to value property as low as possible to lower possible estate taxes.