Real Estate Investor or Dealer? Understanding the Tax Classification Implications
As the real estate market continues to improve and values increase, it may be time for real estate owners to revisit a tax planning strategy. Real estate developers should consider locking in capital gains treatment by selling real estate they hold for investment to a related development corporation. The gain on the sale to a…
Tax Implications for Life Insurance Investors
In addition to providing guidance for owners of life insurance policies who sell or surrender their policy (which was discussed in a recent article), the Internal Revenue Service (“IRS”) provided guidance for investors in life insurance policies. The Revenue Ruling provided a number of factual scenarios concerning the tax implications to an investor who purchases…
Divorce And Special Needs Planning: Issues When a Party In a Divorce Has a Disabilityor Has a Child With a Disability
Persons who are disabled, as well as parents of children with disabilities, have special planning needs which need to be addressed if the parties are in the midst of a divorce. When a party in a divorce action has a disability or has a child with a disability who is receiving Supplemental Security Income (SSI)…
Leasing Dance – Condominium Leasing Policy Protections & Regulations for Associations
This article focuses on general leasing considerations for thosecondominium associations where the trustees have the powerto establish, regulate, and enforce rules regarding the rental ofunits. Condominium associations face difficult decisions regardingthe rental of condominium units. Some Master Deeds,Declarations of Trust, Bylaws, and Rules and Regulationshave specific guidelines already in place at the creation ofthe condominium…
For Recipients of SSI, SSDI & RSDI: Important Information About Economic Impact Payments
The US Treasury Department has begun to issue economic impact stimulus payments for eligible individuals. Those with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly will receive the full stimulus payment amount of $1,200 for individuals and $2,400 for married filing jointly….
Are You Planning to Sell or Surrender Your Life Insurance Policy? Tax Treatment for the Policy Owner
The life insurance secondary market has grown tremendously in recent years providing policy owners, who may no longer need the coverage, with an additional income source. Yet the income tax consequences have remained unclear, and in certain cases still do remain unclear. The Internal Revenue Service (“IRS”) recently published guidance concerning the income tax consequences…
Tax Breaks for Guardianship Fees
During a recent conversation with one of our clients I was askedwhether the legal expenses associated with a guardianshipare tax deductible. For many of our clients, guardianship isinevitable. Parents of children with special needs experience anadded financial burden and for many, this includes the legal feesassociated with a guardianship. At 18 years old, an individual…
Equal Opportunities in School Sports for Students with Disabilities
Students with disabilities are all too often denied the chanceto participate in school sports at the club, intramural andinterscholastic level, and as a result, students with disabilitiesoften miss out on the many health and social benefits of athletics.A 2010 United States Government Accountability Office reportconfirmed that many students with disabilities are not affordedan equal opportunity…