Finance, Taxes & Estate Planning

Here are links regarding taxes and homeownership. For more information, contact your tax consultant.


Internal Revenue Service

The information provided by the Internal Revenue Service (IRS) will help you with all of your tax questions. This site provides homeowners what expenses they can and cannot deduct. Residential Rental Property (Publ 527) helps you with dilemmas by discusses rental income and expenses, and explains how to report them on your return. Moving Expenses (Publ 521) explains the deduction of certain expenses of because you changed job locations or started a new job do to a move. Selling Your Home (Publ 523) explains the tax rules that apply when you sell your main home. Tax Information for First-Time Homeowners (Publ 530) provides tax information for first-time homeowners including how you treat items such as settlement and closing costs, real estate taxes, home mortgage interest, and repairs.

Files will be viewed as downloadable PDF files.


1031 Exchanges

Exchanging can sometimes involve complicated legal and tax issues. And, the failure to comply with applicable Like-Kind Exchange Regulations can jeopardize the potential tax deferred status of your transaction.


Here are additional articles regarding Finance, Taxes & Estate Planning from my newsletter.

Click an article title to read more information. 


Finance & Taxes

Estate Planning

5 Options if You Inherited a Mortgage Do You Need a Will and a Trust?
The last thing you want to think about is what to do with the house when your loved one dies. However, it is important to know your options if you inherit a mortgage; it could save your family home. Click through to learn about your options. Estate planning can be complicated. It starts, however, with one basic question: Do you need a will and a trust? Click through to read more about these two estate planning tools and how they can help you.
A Mortgage Recast: A Powerful Option How To Plan for Estate and Gift Taxes
Looking for a way to reduce the amount of interest you pay on your mortgage or lower your monthly payment without having to apply for a refinance? A mortgage recast might be the solution. But what is a recast? Click through to find out. When you create an estate plan, you’re taking steps to ensure your assets are handled as you wish after you’ve passed away. Click through to ensure your assets are given to people and organizations you care about, minimizing the impact of taxes and other costs on your estate.
Did You Inherit a Mortgage? Is This Your Situation: Thinking about a Living Trust
Sometimes, when you inherit a house, you also inherit the mortgage. What rules and responsibilities do you face in this situation? Click through to learn what you need to do when a house comes with an outstanding loan. You’ve worked hard to get to where you are and now it’s time to manage and preserve your wealth. Click through to find out how a living trust gives you control over your assets now and in the future.
Gifting a House? Know the Tax Rules! Trusts: Types, Purposes and Benefits
It’s one of the more difficult decisions that come across the desks at the IRS: What is a gift and what is compensation? Click through for some insights into this age-old question to make sure you’re on the right side. A well-designed trust can help save time, paperwork and other headaches when settling an estate. Click through to see how trusts play an important part of estate planning, providing peace of mind by ensuring your assets are distributed correctly.
IRS Announces HSA Limits for 2024 Will vs. Trust: Cost, Process and Uses
The government has granted unusually high inflation adjustments for the coming year. Click through for the details so you can spend the next few months making long-term plans based on the new numbers. You want some control over what happens to your assets after you pass away, but should you turn to a will or a trust? Click through to determine whether a will, with its public nature, or a trust, with its complexity and upfront costs, is right for your estate planning needs.
Mutual Funds: Still One of the Most Popular Ways To Invest
In 2024, the mutual fund industry will celebrate its 100th anniversary. Even with so many investment vehicles out there, mutual funds continue to remain popular. Click through to find out why and to learn the basics of mutual fund strategies.