One of the most frequently asked questions that we get from clients is “ How long do I have to keep all of my records and tax returns?”. The general rule for copies of tax returns is - indefinitely. With the advent of scanning and electronic storage programs, this is slightly less onerous than in … [Read more...]
New IRS Estate Tax Regulations Proposed
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 … [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 … [Read more...]
Is it Time to Make Those Gifts to Family Members?
For decades, one of the most popular and effective methods to transfer family wealth to younger generations was through Family Limited Partnerships (FLP). Parents would set up an FLP and contribute assets, such as real property, to the FLP. They would then make gifts of minority interests in … [Read more...]