With every new year the rules for passing on your personal property at the time of death change. The more complicated your personal assets are, the more complicated your will or trust will be. WMBO CPA Group is here to help with all your estate planning needs. Let us check estate planning off your 2021 to-do list.
Divorce and Taxes in 2018
Filing status is based on your status as of December 31. If you are divorced under a final decree by the last day of the year, you are considered unmarried for the whole year and you cannon choose Married Filing Jointly as your filing status. Learn more by clicking on the “Download Article” button.
Cancellation of Debt – Insolvency
Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent they were insolvent immediately before the cancellation. If a cancelled debt is excluded from income, it is nontaxable. Learn more by clicking on the “Download Article” button.
Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent that they were insolvent immediately before cancellation. We discuss the cancellation of debt in this article. Find out more about what qualifies and doesn’t qualify by clicking on the Download Article link below.
Recently divorced? We cover the Tax implications of Divorce in this article. Find out answers to your questions by clicking on the “Download Article” button below.
If your business engages in an activity that is not conducted as a for-profit business, deductions are limited to the amount of income from the activity. Learn More by clicking on the “Download Article” button below .
A taxpayer who spends significant time in activities related to real estate may qualify as a “Real Estate Professional”. Learn More about the specific rules that apply to determine your status as a Real Estate Professional by clicking on the “Download Article” button below.
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