We have been making a list and checking it twice, trying to separate the naughty tax changes for those that are nice. Join us for a tax update that will help you focus on the that changes that will allow you to reduce your tax bill this year. This free seminar will not only help you understand the many changes to the tax laws that have taken place it is all filled with tax planning tips designed to help you take the actions necessary to reduce your tax bill and keep more of your hard earned money in your pocket.
The seminar will take place at 2319 N Andrews, Fort Lauderdale FL 33311, beginning promptly at 6:00 PM and last for 2 hours. There will be plenty of time for questions and a handout to make sure you have a list of actions you can take before year end.
For reservations call 954-563-1269
In another case of failure to ask the consequences before taking action, we recently had to tell a client that gifting a rental property to their parents locked up the suspended passive activity losses they had on the property until the property is disposed of by their parents.
What this means is that a passive loss carry forward of over $100,000 (which would have become currently deductible had the property been sold, reducing their current tax bill $22,000) would not apply, at least until the property was sold by their parents.
Had they asked, they might have decided to sell the property and buy something more fitting to gift to their parents, or just sell the rental and then purchase a second home for their parents to live in.
Being tax smart means asking the right questions before you take action, not after.