With the new tax law’s many changes, Seniors are asking: “Will I have to pay taxes when I sell my house?” Having living in the same house for decades, Seniors’ home value has risen substantially. Many people, not just Seniors, are surprised to realize there are tax implications when a primary residence is sold. In
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“How can I avoid death taxes?” “Are there any death tax benefits for living in Florida?” We hear these questions frequently when we are discussing estate planning with our clients here in the Tampa area. An estate plan may consist of a Last Will and Testament and/or a Revocable Living Trust. It also includes other
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What is ABLE (Achieving A Better Life Experience)? ABLE arose from a federal law enacted in December 2014 which allows for a tax-favored account to be established for people with disabilities. A new 529A section within the Internal Revenue Code and regulations were issued in Summer 2015. The State of Florida enacted its own ABLE
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Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here’s what you need to know to do such planning: What is capital gain? Capital gain is the difference between the “basis” in property
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