This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/aUe67RxG1gM This is a very timely topic in light of us being in tax season. If you sold your home in 2022, you must report the sale on your…
Right now, major tax legislation is being considered by Congress, but the good news is that step up in basis does not appear to be on the chopping block. Step up in basis is the readjustment of the value of…
Due to strict Medicaid eligibility rules, you may be nervous about losing your home should you need to enter a nursing home and apply for Medicaid. Without guidance, many have the idea to transfer their home to their children. However,…
In order to avoid probate, you may decide to either place your home in a revocable trust or place someone you trust on the deed, creating joint ownership. Each of these options have their own pros and cons, but which is a better safeguard?
Taxes are a part of life (and death) in the United States. If you earn sufficient income, then you must report that income and pay a tax on the income if it exceeds allowable deductions. One such deduction is a capital loss.
In the simplest sense, a capital loss occurs when you sell property (stock, personal property, real estate property, etc.) for less than it cost, or its basis. This loss can either offset capital gains in the year they are incurred or can be used as a deduction up to $3,000 against your ordinary income. If the capital loss is not used to offset your gains, and is greater than $3,000, then you can carry it over to the next year to either off-set gains derived in that year, or it can be used again as a deduction against your ordinary income up to $3,000.