GSS Insight - Washington Tax Update Articles
Job hunting? Don't overlook tax deductions
With some parts of the economy starting to pick up, more people are in the market for a new job. Here are eight tax tips about the costs you might incur while job hunting - and the ins and outs of related tax deductions.
Health savings account limits released for 2013
The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits that will apply to health savings accounts for 2013. Subject to statutory limits, eligible individuals may make tax-deductible contributions to health savings accounts. In general, an "eligible individual" is a person covered under a high-deductible health plan.
Like-kind exchange questioned by Tax Court
An investor's intent may not always be obvious, but recently a couple's activities helped clarify their decisions for the Tax Court. The IRS questioned the validity of a like-kind exchange made by Patrick and Jill Reesink of San Francisco. And the case ended up in Tax Court.
When is a partnership not a partnership?
Here is yet another case that emphasizes the importance of being careful when using a family limited partnership as an estate planning tool. Lois Lockett's husband predeceased her, and his will established a trust for her benefit. As part of her estate planning, Lockett created Mariposa Monarch, LLP (MM), an Arizona limited liability partnership. The partnership agreement named Lockett's sons, Joseph and Robert, as general partners and Lockett, Joseph, Robert and the trust as limited partners. So, was this a partnership?
An 1895 version of the painting "The Scream" by Edvard Munch recently sold for a record-shattering $120 million at a Sotheby's auction in New York. The seller of the piece, a Norwegian businessman, will undoubtedly be paying a hefty tax on the sale. But the artist himself apparently tangled with the tax authorities.
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