Tax Matters to Consider When Selling a Home Tax Tip 2022-78 (5/19/2022) Individuals selling their home should consider the following tax matters: Principal residence exclusion. Taxpayers may qualify to exclude from income all or part of any gain from the sale of their home (“principal residence exclusion”). To qualify for this exclusion, the taxpayer must meet… Read More

Dear Client:   This letter is in response to your recent inquiry about the tax implications of using your residence as a bed and breakfast.   As a general rule, no deduction is allowed for expenses incurred in connection with a taxpayer’s home. In addition to exceptions for certain personal use deductions (i.e., the mortgage… Read More

Dear Client If you generally receive distributions from your IRA and make charitable contributions during the year, you may benefit from arranging a qualified charitable distribution (QCD). A QCD is generally a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to a charitable organization. A QCD… Read More

Dear Client:   Virtual currency transactions are taxable by law just like transactions in any other property. The IRS is aware that some taxpayers with virtual currency transactions may have incorrectly reported or failed to report income and pay the related tax. Therefore, it is actively addressing potential non-compliance in this area. Millions of taxpayers… Read More

Dear Client:   I am writing in response to your recent inquiry involving the advantages and disadvantages of opening up a Roth 401(k).   The biggest advantage of a Roth 401(k) is that appreciation on the contributions are never taxed. However, this comes because of the main disadvantage of Roth 401(k)s – contributions are elective… Read More

Dear Client: You recently inquired about the income tax consequences of renting out your vacation home for part of the year. The tax consequences depend upon the amount of time the home is rented and the amount of time you use the home for personal purposes.   Minimum Rental Use. If you rent the property for… Read More

This is a Bartram original based on a series of events that lead to the discovery, that a person who reached out to me this week, was within minutes of losing all their money they had in savings and in the bank.  I am putting this out for the benefit of my older (and younger)… Read More

Those of you who start to see some grey hair and are on or soon will be on Medicare (or have a friend or relative on Medicare) this might be one of the most important posting I have done. I came within an inch of being wiped out financially by an underhanded insurance trick. As… Read More

As I have gotten older and go through my garage, I have had to come to the realization that I will no longer need or be able to work on all the things I enjoy working on for my lifetime, therefore I need to sell, donate or trash a lot of junk. I have accumulated… Read More

I wonder how many of you had a warning alert go off last night at the debate when Biden said to Trump: “I have not taken a penny for any foreign source ever in my life” To a forensic accountant this is a huge red flag. I almost came straight out of my seat. I… Read More