Blog Archives: Rick Cooley

Beginning in 2018, the total amount of state tax deductions allowed as an itemized deduction will be limited to $10,000. This includes both income and real estate taxes. Sometimes, state taxes can be deducted when prepaid. Several articles have been written that suggest prepaying your 2018 real estate tax bill prior to December 31, 2017. […]

On August 2, 2016, the IRS issued proposed regulations under Internal Revenue Code Section 2704 that could eliminate or significantly reduce the allowable discounts when valuing interests in family-owned entities for gift, estate and generation-skipping transfer tax purposes. Background Historically, taxpayers could reduce the value of their taxable estates or the value of taxable gifts by […]

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