Monthly Archives: June 2012

Tax Court Ruling Benefits Small Business Owners

Owners of closely held businesses, including family owned and other small businesses can now pass assets to heirs with minimal taxation thanks to a recent tax court ruling (Wandry v. Commissioner, US Tax Court March 26, 2012). Under current regulations ownership of the business can be transferred to heirs using yearly and lifetime exemptions ($5,120,000…
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Sell Your Home But Keep the Profits

If you're looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home in order to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule now allows an exclusion of a gain…
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