You might ask yourself, “With housing prices and interest rates so low, isn’t it a good time to invest my IRA in real estate?”
Think twice before you do. There are a lot of disadvantages when purchasing real estate with your IRA funds even if you think property prices have bottomed out and you feel strongly that real estate is a good investment. (more…)
In our Annual Summary of Tax Law Changes, we have included changes that may affect your 2011 tax filing, tax provisions that will expire after 2011, and changes that will affect your 2012 taxes. Hopefully this will help you with some last minute tax planning for 2011 and projections beyond 2011. We expect some significant changes to the tax code in 2012 and 2013. We’ll keep you posted.
As you have heard, the Federal Estate Tax exemption was raised to $5 million for tax years 2011 and 2012, and the tax rate is 35%. We don’t know what is going to happen after 2012, but we will keep you posted.
Oregon is another story altogether. An Oregon Inheritance Tax Return must be filed for anyone owning real and personal property, tangible or intangible, located in Oregon if their total gross estate (both Oregon and Non-Oregon assets) exceeds $1 million. The inheritance tax is based on the percentage of assets located in Oregon.
The $1 million exemption seems ample, but by the time you include your home, life insurance, annuities, and other estate assets, you may exceed the exemption. (more…)
During tax time we always ask our clients if they have financial accounts in a foreign country. We do this for a very good reason. There are strict reporting requirements if you have assets in a foreign account.
More specifically, you must file a Form TD F 90-22.1 with the Department of Treasury if:
Tags: Foreign Accounts
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