A Capital Gains Tax Mistake (Part 3)
In my blog post last week, I was explaining the large and unexpected capital gains tax a client faced. I explained that capital gains is paid on an asset that has appreciated when it is sold. In my client’s case, he had sold real estate that his mother had given him after
A Capital Gains Tax Mistake (Part 2)
In my blog post last week I told you about a call I received from a client facing an unexpectedly large income tax bill. The increased tax resulted from real estate that he inherited from his parents - or so he thought. An inheritance is what one receives from someone as a
A Capital Gains Tax Mistake – Part 1
A client called recently after receiving his income tax return from his accountant. Much to his surprise, he was facing a significant 6 figure income tax bill. So why was he calling us? We don’t prepare and file income tax returns. The reason had to do with the sale of real estate that he