Finding the right adviser is difficult but not impossible. You will want to research advisers and then set up appointments with at least three or four of them. An adviser should be a fiduciary, should not be a commissioned. . . .
Read More
While the specifics of your tax situation can't be determined without reviewing your tax returns, most likely you are just a victim of the marriage penalty. When two high-income people get married . . . .
Read More
There is definitely a chance you filled out the tax form incorrectly. Even when using software, the chances for error are extremely high. While it is possible the foreign income could have caused a swing, it seems unlikely to . . . .
Read More
It is possible to avoid paying taxes using a 1031 exchange option. Your thinking is correct, you would need to buy the new property and keep it as a rental for a period of time. But you must be careful. . . .
Read More
I am going to attempt to answer your questions as well as I can, but (and I can't stress this enough) this is not a decision you want to make based on advice off the of a website forum. You are considering a major irrevocable decision which could have significant . . . .
Read More
Based on your information, the three strategies to begin exploring are maxing out your 401(k) plans, maxing out an HSA if you have access to one, and creating a Donor Advised Fund if you are . . . .
Read More
If you live in the house as your primary residence, you will be able to take up to $250,000 as profit without paying any capital gains tax ($500,000 if you are married). This would be the ideal . . . .
Read More
I'm sorry to hear about your mother. For the stocks, you fortunately shouldn't have any taxes due. The stocks were already 'taxed' when estate taxes were assessed on the value of the stock when you . . . .
Read More
Although the tax reform was pitched as a simplification of the tax code, the nearly seven-hundred page Tax Cuts and Jobs Act do little to simplify the number of pages in the tax code. You, however, will probably see much simpler taxes in the coming years because the vast majority of taxpayers will no longer need to itemize deductions.
Read More