Understanding Basis

Understanding Basis

The original cost of an asset is only the starting point for determining basis.

7 Simple Ways to Minimize the Pennsylvania Inheritance Tax

7 Simple Ways to Minimize the Pennsylvania Inheritance Tax

This is an update to the 2018 post on wrote on the Pennsylvania inheritance tax.  However, before I discuss ways to minimize the PA inheritance tax, it is important to understand that the tax rate is affected by who receives money upon your death. As a refresher, Pennsylvania has an inheritance tax on most assets […]

Make a Gift Before 2021

Give a Gift before 2021 | The Pollock Firm LLC

I try very hard not to be political in these blog posts. I also try not to speculate on what the government may or may not do as they frequently compromise in an unpredicted manner. However, I would be remise if I didn’t talk about the fact that Joseph Biden is ahead in most of […]

Non Residents of Pennsylvania Can Be Subject to Pennsylvania Inheritance Tax

Pennsylvania Inheritance Tax

I frequently get calls from individuals who had a relative pass away with property located in Pennsylvania. Even though the decedent lived somewhere besides Pennsylvania, you should be aware that Pennsylvania reserves the right to tax this property on the death of the owner via an inheritance tax. This tax will apply whether the decedeånt […]

Gifting to Parents to Save on Capital Gains Taxes

Gift Planning

As I gaze outside at yet another major snowstorm here in Mercer County, NJ and contemplate how nice it would be if I were visiting my folks near my Boca Raton, Florida office, I am reminded of a tax savings idea that I heard was gaining traction amongst wealthy children whose parents are still living. […]