by Pierre Philantrope | Dec 27, 2023 | Tax Tip
his is the last week for this year that you should consider meeting with a tax professional to discuss any year end strategies that might reduce your 2023 taxes. The following are some of the tax breaks from which you may benefit, as well as the strategies that could...
by Pierre Philantrope | Dec 20, 2023 | Tax Tip
Generally, no gain or loss is recognized by either party on a transfer of property from an individual to a spouse, or a former spouse if the transfer is incident to divorce. When nonrecognition treatment applies under this rule, the spouse who receives the property in...
by Pierre Philantrope | Dec 6, 2023 | Tax Tip
We are at that time of the year again where you should consider meeting with a tax professional to discuss any year end strategies that might reduce your 2023 taxes. The following are some of the tax breaks from which you may benefit, as well as the strategies that...
by Pierre Philantrope | Nov 29, 2023 | Tax Tip
Taxpayers’ tax liabilities could be drastically changed after a divorce. However, when a couple is contemplating a divorce, a discussion with their lawyers and tax advisors related to tax implications of their divorce could greatly help in assessing the tax...
by Pierre Philantrope | Nov 22, 2023 | Tax Tip
The principal residence gain exclusion is very valuable when an appreciated home is sold. Taxpayers should keep evidence of home repairs and improvements that increase their basis in the property to determine their gain on the sale. IRS Publication 523 has a long list...
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