Long-Term Capital Gain

AN ANALYSIS OF THE TAX CUTS AND JOBS ACT

January 2018

 

AN ANALYSIS OF THE TAX CUTS AND JOBS ACT

On December 22, 2017, after much, well-publicized legislative skirmishes, President Donald Trump signed into law H.R. 1, otherwise known as the “Tax Cuts and Jobs Act.”   Provisions affecting individuals are generally effective beginning December 31, 2017 and expire on December 31, 2025.  Most business-related provisions are permanent and are effective beginning December 31, 2017.

This new law is, by all accounts, the most significant revisions to the U.S. tax code since 1986, affecting almost all individual and business taxpayers.   Our firm’s general assessment of the new law will therefore be a two-part series: this first part covers changes to individual taxpayers, and the second part will cover changes to business taxpayers.

Unpaid Loans – Tax Consequences To Lenders And Borrowers

One redeemable quality about humans is that we tend to be more willing to loan money than borrowing it. No one really likes to borrow money, but if a friend is in need, many of us help as much as our financial means allow. When this occurs, it is important to understand that there are income tax consequences for both lenders and borrowers when interest is earned, paid or forgiven on a loan. This blog will address the tax consequences of unpaid loans.

Jan Brady’s Capital Gain: Sells House (She Bought In 1969 For 55.3k) For 3.9 Million

Here’s the story of a middle child who made one heckuva investment! Eve Plumb, who played Jan Brady on the iconic 70s TV show, The Brady Bunch, recently sold her Malibu bungalow for $3.9 million. Ms. Plumb purchased the seaside property in 1969 for a mere $55,300, equivalent to approximately $360,000 in our present economy. Sure, it will be subject to tax as a long term capital gain, but it still made Marcia and Greg’s younger sister a rich gal.

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