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site design by digitalstoryteller.io
What might be ahead as many tax provisions are scheduled to expire?
/in News, Tax Tips - Individual/by Encore Partners TeamBuckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this […]
When do valuable gifts to charity require an appraisal?
/in News, Tax Tips - Individual/by Encore Partners TeamIf you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in […]
Selling an appreciated vacation home?
/in News, Tax Tips - Individual/by Encore Partners TeamVacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the […]