By Dave Owens, CPA Republished with Permission As someone that has been in the tax business for over twenty years, I cannot ever remember seeing any predicament like the tax code is in now. Most people do not realize but I believe there will be major tax legislation sometime in 2010. There has to be. […]
It is possible to convert property from one type to another without tax consequences. Your primary residence can become your rental/investment property and your investment/rental property can become your primary residence.
Great news. Senate Bill 483, regarding the NHDRA disregarded entity issue was introduced into the New Hampshire Senate today. Click here to review the Bill. Note that the Bill is retroactive to January 1, 2004. Testimony on the bill will be later this winter, before the Ways & Means Committee of the Senate. It has […]
I took a call from a taxpayer yesterday. She wanted to ask some questions about a Section 1031 exchange. Her accountant told her to get in touch with us. Great, that’s what we do. She informed me that she and her husband purchased some land many years ago in what was then “way out of […]
By: George E. Foss III As the days and weeks pass, the effectiveness (from IRS’ perspective) of the new provisions slipped into Section 121 grow and grow. It used to be true that you could move into one of your rental properties, live there for two more years as your primary residence, and then sell […]
When potential clients call to find out what the capital gains rate is, they usually think “oh, that’s not so bad”. What they fail to understand is that there are three tax hurdles to overcome on the sale of a capital asset. The first hurdle is largely misunderstood and it can be very costly. Upon […]
By George E. Foss III The New Hampshire Department of Revenue (DRA) has recently developed a new audit tactic that could cost your Clients a lot of money, and expose you or your firm to professional liability. The intent of this message is to describe the current situation. With the advent of the Single-Member […]