Insurance, Kentucky Insurance

“IDENTITY THIEVES HAVE found a way to make tax season even more taxing.The Internal Revenue Service recently issued a press release warning consumers about a slew of new scams where identity thieves contact taxpayers pretending to be IRS agents.

“Filing season always triggers a lot of scams,” says Michelle Lamishaw, an IRS spokeswoman. “There are so many even we can’t keep them straight anymore.” Many are newfangled twists on age-old frauds, such as the year-round streams of spam promising to unearth unclaimed tax refunds.

Here are the three latest scams the IRS is alerting consumers about this year:…..” Identity Theft Tax Scams

Taxes, it is that time of year …
“When it comes to complex tax issues, like buying and selling assets, major life changes and running full-blown businesses, you are apt to end up with a more accurate tax return when you consult a tax professional.

However, for routine tax returns, where your financial activities are the same year after year, online filing and boxed software is heaven-sent. The questions are designed to jog your memory about things like additions to your family, IRA contributions, ages of family members and sales of stocks. You’ll find help tools in the programs, or you can reach help centers during tax season — though it might take up to 48 hours to get responses……” Taxes, Personal Finance

from Wikipedia

A 1031 Exchange, also known as a Like Kind Exchange or Starker Tax Deferred Exchange (named for an investor who challenged and won a case against the IRS) is a transaction under United States law which specifies that if an asset (usually some form of real estate such as land or a building) is sold and the proceeds of the sale are then reinvested in an asset of a similar kind (like kind asset), then no capital gain or loss is recognized, allowing the deferment of capital gains taxes that would otherwise have been due on the first sale. This law is defined under section 1031 of the Internal Revenue Code, 26 U.S.C. § 1031…..1031 Exchange

Here are some basic factors determining real estate and property tax valuations:

Market value. One definition of market value is “the amount a buyer would be willing to pay for a particular property.” Do not confuse the dollar amount your business is paying for property tax, because most businesses are assessed at a lower dollar value for property tax purposes…..Property Values

“……When you sell your primary residence, you can make up to $250,000 in profit if you’re a single owner, twice that if you’re married, and not owe any capital gains taxes…..

When the Taxpayer Relief Act of 1997 became law, the home-sale tax burden eased for millions of residential taxpayers. The rollover or once-in-a-lifetime options were replaced with the current per-sale exclusion amounts…. Capital Gains Taxes on home sales”

disclaimer: We are not tax experts, this is not tax advice, call your CPA or tax attorney first

Call Dick Watts Insurance today for a rental property insurance or Kentucky homeowners insurance quote 502-245-3625
Investment Property Like Kind Exchanges