The Most Common Family Tax Mistakes

While giving a gift to your family member might seem like a nice thing to do, it can come with surprising tax implications. What tax mistakes are often committed by well-meaning family members? Renting a Home to a Family Member Whenever a taxpaying adult rents a home to a relative for a principal residence, the [...]

December 6th, 2018|Newsletter|

What Should You Do When Debts Survive Death?

Dealing with a death in the family is already tragic and stressful. Adding debt into the equation can make things even more stressful. If the debt in question was a credit card debt, the debt is expected to be repaid by the debt owner whether they are alive or dead. Who owes that obligation after [...]

March 20th, 2018|Newsletter|

Home Mortgage Interest Deductions Are About to Change

For years now, taxpayers have had the opportunity to deduct their primary home and second home mortgage interest from their taxes as an itemized deduction. This mortgage interest deduction had an upper limit of $1 million of acquisition debt and $100,000 of equity debt. How has the 2018 tax bill changed things? Up Until Now [...]

February 28th, 2018|Newsletter|

2017 Tax Cuts Act: Impact on Families

The Tax Cuts and Jobs Act makes sweeping tax changes that impact virtually all taxpayers. For individual taxpayers and their families, changes include a decrease in the tax rates, repeal of the personal exemption, increase in the standard deduction, modification to itemized deductions and doubling of the child tax credit. Under the Tax Cuts and [...]

January 22nd, 2018|Newsletter|