Certified Public Accountants
...Freeing clients to pursue their passions since 1981

Estate Tax Archives - The SPSCPA Blog

Estate Tax

New IRS Estate Tax Regulations Proposed

Consult a tax specialist, Los Angeles CPA

For the last few decades, one of the most popular methods for transferring assets to a next generation was the gifting or sale of partnership, LLC or closely held corporate interests, the valuation of which could take advantage of “discounts” due to “lack of marketability” and “lack of control”, and result in the transfer of assets at a significant discount Read More »

Mortgage Interest Deduction for Unmarried Couples

The Ninth Circuit Court of Appeals has recently concluded that the $ 1.1 million home mortgage interest limitation for unmarried co-owners of a qualified residence applies on a per-taxpayer basis. This reverses an earlier tax court decision, in which the limitation was applied on a per-residence basis. The case involved California domestic partners, who had purchased a home in Beverly Read More »

Estate and Gift Tax Update

Estate and Gift Tax - Sobul, Schenkel & Primes - Los Angeles

Keep up With the Rules Four years ago, Congress unexpectedly raised the individual lifetime exclusion for estate and gift tax from $3.5 million to $5 million, effective for 2011 and 2012. Due to the concern that the exclusion would go back to $1,000,000 for 2013, the increase resulted in a great rush to complete gifting by the end of 2012. Read More »

Is it more taxing to give or to receive?

Gift or Estate Tax Sobul Primes and Schenkel CPA Los Angeles

Changes to gift and estate taxes Although it didn’t receive as much publicity as other parts of the American Taxpayer Relief Act of 2012 (ATRA), estate and gift taxes also got a makeover by our representatives. Congress permanently increased the maximum estate and gift tax rate to 40% for estates of decedents dying after 2012, with an exclusion of $5,000,000, Read More »

Newsflash – “Fiscal Cliff” Rapidly Approaching

Fiscal Cliff - Sobul, Primes & Schenkel CPA Los Angeles

Dear Clients and Friends, As you have no doubt heard discussed in the media, the “fiscal cliff” is rapidly approaching. Included in this “fiscal cliff” is the expiration of some very beneficial estate and gift tax exclusions and tax rates.  Until December 31, 2012, the amount you can currently transfer, either during life or at death, without incurring any  gift, Read More »

Newsflash – Federal and California Tax Matters Update

Federal Calfornia Tax Matters - Sobul, Primes & Schenkel CPA Los Angeles

August 18, 2010 Dear Clients and Friends: FEDERAL AND CALIFORNIA TAX MATTERS UPDATE Significant tax legislation has been passed so far this year, and it is likely that even more changes are upcoming. We want to make sure you are aware of your opportunities and obligations with respect to some of these activities and what might be on the horizon Read More »