27.10.2011
News, Tax
In 2010 Congress introduced estate tax “portability” for estates of decedents who die in 2011 or 2012. For estates of decedents dying in 2011 or 2012 the estate can generally exclude up to $5 million from their taxable estate. If a married individual dies in 2011 or 2012 and they do not use their full $5 million exclusion the unused amount can be passed on to the surviving spouse. In other words, the exclusion is “portable”. This sounds simple enough right? Let’s take a closer look at the details. Read more
26.10.2011
News, Tax
The IRS has revamped the 2011 Schedule D for reporting capital gains and losses. As part of the change a new Form 8949 will have to be completed before completing Schedule D. Although still in draft form, the 8949 will require taxpayers to report the normal details of their capital transactions, such as the date of acquisition, date of sale, cost basis and sales price. A separate 8949 will have to be prepared for each different type of transaction and taxpayers will have to indicate if a 1099-B was received and if the 1099-B listed basis information. Read more