To Forgive May Not Always Be Divine…

If you loan someone $10,000 and then either forgive or cancel part of the loan (perhaps because it is too difficult to collect the debt) and the forgiveness or cancellation is not a gift, you probably haven’t realized that such forgiveness will create taxable income for the person whose debt…

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What’s Mine Is Yours… Or Maybe Not!

Even though Florida is not a community property state, Florida does have a statute that addresses community property for residents of  Florida who have moved here from a community property state. Community property can be very advantageous for tax and marital reasons. While I am NOT a community property expert, as I…

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