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How permanent are the 2013 estate tax laws?

If President Obama’s 2014 budget is any prediction of the future the 2013 “permanent” estate tax law changes are not very permanent. Or, put another way, only politicians would call them permanent!  I have read, in recent days, that President Obama is proposing going back to 2013 estate tax levels. That would mean a $3.5m […]

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Step-up in basis – The Basics

A person asked me the other day to explain the step-up in basis rules. This can be very complicated so I will digest down to the very basic elements. Let’s say dad buys a house for $25,000 in 1966.  Let’s say that house is now worth $300,000.  If dad sells the house while he is […]

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Still waiting on new estate and gift tax laws

I just read this article in the Sacramento Bee that I found interesting.  It focuses on the income tax side and what the two sides are working on in DC. They claim they are close. The bigger question for me, and my clients, is what will the gift and estate tax exemptions be!? I’ll be […]

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Federal AFR Rates – November 2012

Right from the horse’s mouth, so to speak, here are the November 2012 AFR rates straight from the IRS website: Section 1274.–Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property (Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846, 1288, 7520, 7872.)    Rev. Rul. 2012-30 […]

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Estate Planning Window Closing….

As the year progresses toward December 31st one of the biggest estate planning opportunities in modern history is getting set to expire.  The Bush era tax cuts, as modified in December 2010, created an unprecedented FIVE MILLION DOLLAR GIFT TAX EXEMPTION.  This exemption, now $5,120,000, is set to expire at year end. The estate tax can quickly […]

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3.8% Medicare Tax

Bob Keebler, the well known CPA, recently posted about the new 3.8% Medicare tax. Rather than getting your tax news from Facebook or while standing by the water cooler at work how about letting me give you the basics about this hotly discussed tax. Bob posted, “For tax years beginning after 2012, new Internal Revenue […]

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IRS Portability – Bulletin 2011-42 – Estate Tax

This is a very useful bulletin issued by the IRS for anybody with taxable estates having one spouse die. The issue of portability is of keen importance to those people where one spouse has died.  Read up and ask your attorney for clarification!  -John Internal Revenue Bulletin: 2011-42 October 17, 2011 Notice 2011-82 Guidance on […]

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Get your probate taxes done

There often are taxes due and owing in a California probate. Make sure you work with a tax professional to get them done right. Here are the biggies to keep in mind: Estate Taxes: It’s the biggest tax, potentially, but few people have to worry about it. The current exemption level is $5,120,000. However, the […]

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Applicable Federal Rate AFR April 2012

The IRS has announced the Applicable Federal Rate (AFR) for April of 2012. The AFR, under Section 7520, for the month of April will be 1.4%. These historically low numbers, combined with depressed real estate values, create great estate planning opportunities.

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The 2010 Tax Laws

I found this Forbes magazine article useful when it came out in December of 2010 and then was reminded of it today. It provides a great summary regarding the federal tax laws that took effect in December 2010. These laws related to gift, estate and income tax at the federal (IRS) level.  Remember those laws […]

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