Rental Real Estate as an Investment

A popular form of long-term investment is real estate rentals. Rentals can fall into several varieties, of which real estate rentals is the most common. This material will explain some of the tax ramifications of renting real estate, both residential and commercial.One of the biggest benefits of owning rental property is that the tenants, over
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Selling Your Home

Federal tax laws allow each individual taxpayer to exclude up to $250,000 of gain from the sale of his/her main home, if he/she meets certain ownership and occupancy requirements. (A married couple that meets the qualifications can exclude up to $500,000.) If an individual/ couple is unable to exclude all or part of the gain,
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Required Minimum IRA Distributions

Overview The most recent IRS regulations substantially simplify rules for required minimum distributions (RMD) from IRAs. There are life expectancy tables that allow smaller distributions to be taken over a longer period. The calculation of the RMD has been simplified by eliminating certain variables. Rules regarding separate accounts with different beneficiaries have been clarified. Some
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Coverdell Education Savings Accounts - Planning Your Child's Education

Overview of Coverdell Education Savings AccountsThese accounts, originally referred to as Education IRAs, became available in 1998 and subsequent years. These accounts are nondeductible education savings accounts. The investment earnings from a Coverdell account accrue and are withdrawn tax-free, provided the proceeds are used to pay qualified education expenses of the account beneficiary.Annual ContributionsWhen these
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Home Ownership - Your Best Tax Shelter

Homeowners Receive Big Tax BreaksHome ownership can provide you with several important tax benefits… Deductions for real estate taxes and home mortgage interest, and Gain exclusion if you meet certain occupancy and holding period requirements. In fact, tax breaks are probably one of the biggest reasons you decided to buy your home in the first
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Keeping Your Tax Records

When it comes to your taxes, good records are the best protection you can have if the government decides to audit your returns. But just as important as your effective recordkeeping are the measures you take to make certain that your records are kept safe. While it may cause a chuckle to picture a mythical
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It's Tax Time! Plan Ahead For Your Appointment

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment and are
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Tax Breaks for Higher Education

January 25, 2012 rick
Over the years, Congress has continued to enhance tax breaks for students and their parents.  These tax benefits provide taxpayers with a large number of options for tax-favored financing of their education and the education of their family members.  This brochure highlights the various education benefits included within the U.S. income tax system. Coverdell Education
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Tax-Advantaged College Savings

January 25, 2012 rick
Overview Section 529 Plans (named after the section of the IRS Code that created them) are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans allow you to gift large sums of money for a family member ’s college
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Roth IRA - Is It For You?

January 12, 2012 rick
Traditional IRAs are familiar to most taxpayers, providing a relatively simple method of saving for retirement AND deferring taxes in the process. But one drawback of the Traditional IRA is that once withdrawals from them begin, distributed earnings and contributions that were tax-deductible get taxed. In contrast, a Roth IRA allows no tax deduction of
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