According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death. In an environment of inflating asset prices this usually means that the…
Call me naive but the immigration "problem" in the USA is rooted in the fact that the country offers the absolute best Social Security and Medicare systems on the planet. It is remarkable that millions of people, mostly good people…
As many of you know that follow this blog my father recently passed away and I've been called upon to settle his financial affairs. My biggest fear is probate and after studying the tax code I have grown to be of…
The person or entity transferring a property has a capital gain to the extent that the amount realized exceeds the adjusted basis of the property. However according to Reg § 1.1001-1(e) no loss is allowed on a transfer that is part…
I've been engaged in a running dialog with extraordinary nuances as to whether a loosely organized group of people are or are not fully recognizing taxable revenue from engagement in barter transactions with each other. The nuances inside this topic…
Generally speaking IRS regulations provide that debt incurred to acquire the interest of a spouse or former spouse in a residence, incident to divorce or legal separation, may be treated as acquisition indebtedness under IRC Sec. 163 (mortgage interest deductions) without regard to the treatment…
Now is a GREAT TIME OF YEAR TO MAKE A CHARITABLE DONATION if you are so fortunate. When you make a donation to a charity you may be able to take a deduction for it on your tax return as…
IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to…
IRS PTIN: P00605639
Enrolled Agent #: 85353
Email: john@johnrdundon.com
