For years, owners of rental properties that show a tax loss have had to contend with the tax law's "passive loss" limitations. With limited exceptions, real estate rental losses may be used only to reduce passive income - the rental losses are not currently deductible against non-passive income, such as salary. Now, owners of real…
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Understanding Health Savings Accounts
More people are using health savings accounts (HSAs) to help pay unreimbursed medical expenses and to set money aside for future health care expenses. HSAs are available only to individuals who have a qualifying high-deductible health plan (HDHP). Employers may offer an HSA option along with an HDHP, or an eligible individual with an HDHP…
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Gifting a Personal Residence – Tax Saver or Tax Folly?
Many people believe that gifting a personal residence to their children will help reduce their estate taxes. However, because the federal estate-tax exclusion amount is currently set so high ($5,340,000 in 2014), very few people can expect to have federally taxable estates. As a result, unless state estate taxes are a concern, the smart tax move…
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Income Strategies in Retirement
Income Strategies in Retirement, When you retire, you will probably have several sources of income. These may include traditional individual retirement accounts (IRAs) , Roth lRAs, pensions, 401(k) or 403(b) accounts, mutual fund and brokerage accounts, and Social Security. You'll want to have a strategy for managing your income and withdrawing from your accounts that…
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