Some people have a hard time letting go of things. They keep old letters, concert tickets, coupons, financial statements, and even tax returns. Now that tax season has come to a close, one question we hear from our clients, especially…
If you, your spouse, or your dependents have been in the hospital, a skilled nursing facility, or had other costly medical or dental expenses in 2021, then you may be able to claim these expenses as a deduction on your…
Many New Yorkers avoid dealing with the low temperatures and with back-breaking snow removal each winter by traveling to a second home in a warmer and kinder climate. We lovingly call these New Yorkers “snowbirds.” Although these snowbirds may avoid…
After spending decades working hard, saving money, and planning, most people look forward to retirement. Once retired you may feel tempted to cut loose a bit and forget about tax planning, but one of the keys to a successful retirement…
The 65-day rule is a great opportunity for tax savings for trusts and estates. If you have a trust or estate running on a calendar tax year-end, then you should be aware of the 65-day rule and make sure you…
Right now, major tax legislation is being considered by Congress, but the good news is that step up in basis does not appear to be on the chopping block. Step up in basis is the readjustment of the value of…
Currently, when a beneficiary inherits an asset, the cost basis of that property is “stepped-up” to the value of the asset as of the decedent’s date of death. This means that the beneficiary would pay a capital gain tax on…
The School Tax Relief "STAR" program offers property tax relief to eligible homeowners in one of two ways: STAR credit check – you receive a check each year instead of a reduction in your taxes STAR tax exemption – you…
There is a lot of confusion regarding what happens when inherited assets are sold. Let’s clear up the confusion as to the tax treatment of inherited assets by way of an example. An Example of How Inherited Assets are Taxed…
You have worked hard to accumulate assets so that you may pass your legacy to your family. There is no better time to talk to estate attorneys in New York about gift and estate taxes. A gift tax is a tax that…