Capital Gains Tax

New Jersey Estate Tax—Permanent Repeal?

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New Jersey Estate TaxNew Jersey Estate Tax Permanent Repeal

As many of you know, the new Democratic Governor of New Jersey, Phil Murphy, was engaged in a recent budget showdown with members of his own party.  A last minute government shutdown was avoided, however, as the legislature and the Governor came to terms on a variety of tax increases and spending priorities.  For more […]

Basis

NJ Estate Tax Repeal: How Does This Affect You?

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NJ Tax Repeal How Does This Affect you

It’s official.  According to NJ.com, Governor Christopher Christie has signed a bill to repeal the New Jersey Estate Tax.  The new law is part of a larger package deal that increases the gas tax, reduces the sales tax slightly, gives the working poor a larger tax credit, gives a tax cut on retirement income and gives a tax […]

Basis

Step-Up in Basis Rule — Common Mistakes

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Step-Up in Basis Rule — Common Mistakes

When a person sells property, that person has to pay a tax on the gain from the sale. Gain is determined by subtracting the sales price of the object from the basis of such object. For example, if I sold a stock for $100 and the basis was $40, the gain would be $60. The […]

Capital Gains Tax

Who exactly is a Covered Expatriate?

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Covered Expatriate

In 2008, President Bush signed the Heroes Earnings Assistance and Relief Tax (HEART) Act. One of the major provisions of the Heart Act was to collect substantial taxes from certain United States taxpayers (whether a citizen or a permanent resident alien) who expatriated from the United States after June 16, 2008. The individuals that this […]