Entries Tagged ‘property’:
filed in Estate on Jun.08, 2010
I recently attended a breakfast during which Wesley Scott, with the Office of Chief, Estate and Gift Tax Program at the Internal Revenue Service spoke on this topic. He began his presentation by noting that he could not comment on what’s happening with the legislature because he is part of the executive branch. The IRS [...]
Tags: adjusted basis, allocation, Arizona estate trust and gift services, assets, capital loss carryovers, Casa Grande estate trust and gift services, death, deceased, Estate and Gift Tax, estate or generation skipping tax, executor, fair market value, generation skipping tax, information return, Internal Revenue Service, IRS, lifetime expemption, net operating losses, property, revocable trust, Scottsdale estate trust and gift services, Tempe estate trust and gift services, trustee
filed in Uncategorized on May.27, 2010
If someone sells an investment or other property, the gain or loss on the sale is determined by comparing the sales proceeds with the basis. What is “Basis”? The answer depends on how the seller acquired the property. The original purchase price, plus improvements, is used for property purchased or received by a gift.
If someone [...]
Tags: Arizona tax, assets, Basis, Casa Grande Tax, community property, date of death value, death, declining values, Estate, fair market value, federal tax, gain or loss, inherited assets, investment, local tax, property, Scottsdale Tax, state tax, Step-down in Basis, Step-up in Basis, tax basis, taxable gain, Tempe Tax, value
filed in Tax Tips on Apr.20, 2010
It is especially important in tough economic times like these that we help others. One great way to help is to contribute property that you no longer need or use to a qualified charitable organization. Generally, the amount of the charitable contribution is the fair market value of the property at the time of the [...]
Tags: appreciation, Arizona tax, capital gain property, Casa Grande Tax, charitable contributions, contribute property, deductible, depreciation, donation, fair market value, federal tax, income property, local tax, ordinary income property, property, qualified charitable contribution, Scottsdale Tax, short-term capital assets, state tax, taxpayer's basis, Tempe Tax
filed in Deductions on Apr.14, 2010
Everyday the world is changing around us, and while some experience fame, fortune, happiness, or success, others may experience difficulty, sorrow, despair, and losses. Taxpayers who find themselves a victim of theft or natural disasters should know that there are rules out there to help them in deducting their casualty losses on their Income Tax [...]
Tags: adjusted gross income, AGI, amended return, Arizona tax, Casa Grande Tax, Casualties and Thefts, casualty losses, deduct losses, fair market value, federal income tax return, federal tax, federally declared disaster areas, Form 1040 Schedule A, Form 4684, household items, local tax, net disaster loss, property, reimbursement, Scottsdale Tax, state tax, tax return, taxpayers, Tempe Tax, theft losses, unexpected event, vehicles, victim of theft
filed in Cost Segregation on Dec.16, 2009
For owners of real estate, a Cost Segregation study can increase the cash flow from the property by accelerating depreciation deductions. How does it work? A Cost Segregation study is the process of analyzing the cost components of a real estate project and classifying these costs for depreciation purposes as personal property, land improvements or [...]
Tags: amended tax returns, Arizona tax, building acquisitions, building improvements, building renovation, Casa Grande Tax, cost segregation audit techniques guide, cost segregation in Arizona, cost segregation in Casa Grande, cost segregation in Scottsdale, cost segregation in Tempe, cost segregation study, depreciation, depreciation deductions, federal tax, Internal Revenue Service, IRS, local tax, lower tax bills, new buildings under construction, property, property reclassifications, real estate, real estate construction, Scottsdale Tax, state tax, tax savings tool, taxpayers, Tempe Tax
filed in Deductions on Nov.03, 2009
As the year winds down and the holidays near, we find more opportunities to donate to charities. You can deduct your charitable donations on your individual income tax return if you itemize your deductions using Schedule A, however, be aware of the following:
Charitable donations must be made to qualified organizations to be deductible. You can [...]
Tags: appraisal, Arizona tax, Casa Grande Tax, cash contributions, charitable deductions, charitable donations, clothing, Deductions, fair market value, federal tax, Form 8283, household items, individual income tax return, itemize your deductions, local tax, Noncash Charitable Contributions, noncash property, property, qualified organizations, raffle tickets, Schedule A, Schedule B, Scottsdale Tax, state tax, Tempe Tax