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taxes: Florida Hurricane Victims Get an Additional Year to Sell Vacant Land - 08/01/07 11:51 AM
The Internal Revenue Service is adding an additional year to the time limit within which victims of Hurricanes Katrina, Rita and Wilma have to sell vacant land that they had owned and used as part of their principal residence that was destroyed as a result of the hurricanes.
Federal tax rules state that individuals have two years within which to sell the vacant land to be able to take advantage of the exclusion on gain from the sale of a principal residence.
Given that the two-year anniversary is approaching for victims of the 2005 hurricanes, the IRS has decided to provide additional time … (2 comments)
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taxes: The Tax Issue Nobody Seems to Talk About (Part II) - 07/13/07 08:47 PM
If you did not read Part I, please go back and read it for a breakdown on the issue. This post will highlight your options and possible solutions to the tax issue.
I know, many of you are going to think I am going to head off on the Missed Fortune concept. Actually, I am going to leave that route out in this post as I want to focus on strategies that do not get highlighted. Don't get me wrong, the Missed Fortune strategy is a good one.
Now, I am going to make a suggestion that most of you will think I … (7 comments)
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taxes: The Tax Issue Nobody Seems to Talk About (Part I) - 07/12/07 04:41 PM
If you are like most Americans, you have been working hard, saving diligently, and are looking forward to the day when you can retire and begin living off your hard earned savings. You have done everything that the gurus and planners have told you to do, using the vehicles they suggested, invested in the products they recommended and have even taken advantage of every tax saving idea you read about. You are going to be just fine, right?
Maybe not! Regardless if you are doing this or you have been planning to save for retirement as soon as you get that last … (1 comments)
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taxes: How to Make $125K Tax-Free in Addition to Rental Income - 02/26/07 09:05 AM
If you are an avid real estate investor who likes to keep rental properties for a reasonable period before selling, then there is a way for you to make $125K tax-free over and above the rental income you receive. For this scenario, we will assume you are single simply because those that are married (even though you could double your tax-free income potential) would not want to do what is required.
If you are a real estate investor and single, then you could incorporate a strategy that allows an extra tax-free income, up to $125K annually, in addition to the rental income … (6 comments)
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taxes: Be Prepared for Tax Season - 12/18/06 09:58 AM
The Kiplinger Tax Letter for Dec. 15 is, as always, chock full of tax information that everyone needs to know. With the year coming to a close, and tax returns arriving in about two weeks or so, it is time to start preparations for the upcoming income tax filings. Even if you are getting a refund, you may not want to rush to submit your return, the reason will be discussed later.
There is a big thing for those with mortgage insurance and a new thing to factor into your mortgage plan, another reason for your annual mortgage check up. Starting in … (2 comments)
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Robert D. Ashby
Miramar,
FL
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Address: 11758 SW 26th CT, Miramar, FL, 33025
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