Over 70 1/2 or Know Someone Who is? Help a Charity…

Generally distributions from traditional individual retirement accounts (“IRAs”) are subject to income tax. For example if you have a $100,000 IRA and take a $20,000 distribution you have to include that $20,000 on your Form 1040. Until 2014 individuals over 70 1/2 could take such distributions from an IRA and…

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To Forgive is Divine but…it may also be taxable!

As many of you know the real estate crash caused many homeowners to owe more than the home was worth (“upside down”). There were many foreclosures and short sales and many banks would “forgive” the indebtedness deficiency of the homeowner. For example, you owned a house which, in the good…

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