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Special Considerations for Second Homes

In Articles, Estate Planning, Taxes by Mission Wealth

A rustic cabin. a seaside cottage. Has it been a lifelong dream of yours to own a second home? Buying a vacation home can be an alluring prospect. Before you decide to purchase one, though, you should consider a number of issues. These include the costs associated with owning a second/vacation home, the attributes of the home, its rental potential, and the income tax treatment.

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A Big Gifting Opportunity in New Tax Code

In Articles, Estate Planning, Taxes by Steve Caltagirone

Although the the recent Tax Cuts and Jobs Act bill of 2017 certainly offers its fair share of complexity, it also presents a tremendous opportunity that many high-net-worth households don’t fully understand. This opportunity surrounds an individual’s (or couple’s) ability to transfer significant portions of wealth tax-free today vs. at death.

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Charitable Bunching

In Articles, Taxes by Amanda Thomas

If a taxpayer is making charitable donations, and that potential deduction, along with their state and property taxes and their mortgage interest do not exceed their Standard Deduction, then they are not receiving a tax benefit for that charitable donation. One strategy is to “bunch” donations to charities in specific years, while limiting donations in other years.

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The Tax Benefits of Home Ownership

In Articles, Estate Planning, Taxes by Mission Wealth

In tax lingo, your principal residence is the place where you legally reside. It’s typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax benefits associated with home ownership apply mainly to your principal residence — different rules apply to second homes and investment properties. Here’s what you need to know to make owning a home really pay off at tax time.

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Qualified Charitable Distributions (QCDs) – A Strategic Way to Give

In Articles, Taxes by Jessica Mora

This year saw one of the largest tax reforms in over three decades. Two of the major changes – an increase in standard deductions and reduced/eliminated itemized deductions – have taxpayers seeking new methods to reduce their tax bills. Although having been around for over a decade, Qualified Charitable Distributions (QCDs) have been reintroduced to the spotlight in 2018 as a strategy to reduce taxable income for retirees.

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House of Representatives Reveals Details on Tax Reform Plan

In Articles, Taxes by Matthew Adams

The House of Representatives released details of their tax reform proposal this week. There are still a lot of difficult choices for Congress to ponder, but the main challenge to tax reform stems from their efforts to offset the proposed corporate tax cuts, estate tax reform, and tax code simplification with enough revenue sources and “pay-fors” to not materially add to the ongoing (and growing ) Federal debt of now $20+ Trillion dollars.

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How to Select a Finance Firm

In Articles, Estate Planning, Investments, Risk Management, Taxes, Wealth Management by Seth Streeter

Selecting a financial advisor is a major decision that will impact your family’s wealth and peace of mind. If you are looking to engage a professional advisor or to evaluate your current advisor, consider these important criteria:   Trust Selecting an advisor with integrity is paramount. You will be entrusting this person with your most confidential information and relying on …

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The Divorce Is Final: Now What?

In Articles, Estate Planning, Taxes, Wealth Management by Julianna Rote

By Julianna Rote, CFP®, AAMS®, AWMA® Client Advisor   Going through a divorce can be overwhelming, and even after the court finalizes the divorce, there is still a bit of work to be done that can often be overlooked. Here are some of the most common post-divorce tasks that should be on your to-do list: Update your estate documents You …