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Family Giving

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Before the end of the year, take advantage of what is known as the annual gift-tax exclusion. This allows you to give up to $15,000 a year to each of any number of recipients. It allows $28,000 a year to each recipient if your spouse joins in the gift. The exclusion is an annual one […]

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Selling Your Residence

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Per the IRS, the home you live in most of the time is your main home. When you sell it you will typically either make money or lose money. If you make money it is called a capital gain.   A Gain Capital gains are taxable except that a capital gain of $250,000 or less […]

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Charitable Contributions

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There are two kinds of charitable donations you can make: Cash and Everything Else. Cash Donations Cash charitable donations are deductible when made to a qualified charitable organization, and are limited to 50% of your income. This 50% limit is imposed on your total charitable deduction, cash plus non-cash donations. Everything Else Goods donated to […]

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Capital Losses

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If you are about to sell a capital asset at a loss – stock in your company, for example – consider putting the property in joint tenancy with your spouse before the sale. The reason: If you can’t deduct the full amount of the loss, you can carry it forward. But if anything happens to […]

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