Sherri Gastelum and Platinum Tax Defenders Comments on Tax Rules Regarding Capital Gains

Los Angeles, California (PRWEB) May 01, 2013

With so many changes to the tax code, most taxpayers have a hard time keeping up. According to an April 25, 2013 article from Accounting Today, (IRS Tells Congress Tax Season Ran Smoothly After a Bumpy Start) there have been 5,000 changes to the Tax Code within the last decade. This makes the statistics understandable, that business owners and employed taxpayers (or their tax preparers) spend over 6 billion hours just preparing to file taxes, and over $ 160 billion in compliance with Tax Code mandates. The murky waters of capital gains taxes are certainly a part of those 6 billion hours. Platinum Tax Defenders offers tips, and says that especially tricky issues involving capital gains may be simpler if the taxpayer employs a tax resolution services with an on-staff tax attorney.

First, capital gains is the difference between the buying and selling price of a capital asset. According to an IRS tax tip in February 2011 (Ten Important Facts About Capital Gains and Losses), a capital asset can be a house, stocks and bonds, or even home furniture that counts as an investment.

Second, according to a article updated on February 28, 2013 (No capital gains due for some investors), there are many restrictions on the zero capital gains rule that seems so beneficial. Assets must have been owned for a year or more. The single owner’s taxable income must be $ 400,000 or lower, and the married couple’s income must be capped at $ 450,000. Anything above that gets either a 15% or a 20% capital gains rate.

Third, capital gains rates are made more accessible by relating to taxable income, not adjusted gross income (AGI), and the difference can be substantial. It is a capital gains advantage to be in the 10% to 15% tax bracket, making $ 70,000 or lower per year after adjusting for deductions (itemized or standard), and allowing for personal exemptions. This could mean that a couple with two children as exemptions, making somewhere around $ 100,000 jointly, could theoretically owe nothing on their capital gains.

Fourth, if taxpayers are well under the $ 400,000 income limit, capital gains can be taxed at different rates. Below the threshold of $ 72,500, there is 0% capital gains. If the couple made more, and a portion of that was capital gains, it would initially be taxed at 15%.

Fifth, as pointed out in Smart Money’s February 4, 2013 article (Capital Gains: At What Rate Will Your Sale Be Taxed?), there are the complicated real estate rules. Depreciation on property can be deducted over a series of years. However, if the property sells above the original price, the depreciation amount taken off of prior year taxes can now be taxed at 25%. The rest of the gain may land in the 15% taxable rate. This is enough to drive even accountants mad,” commented one Platinum Tax Defenders specialist.

There are also rules for those receiving Social Security, the 28% rate for collectible items and small business stock, and the 3.9% Medicare surtax added on to investments for those with an AGI of $ 200,000. Exclusions are high for homeowners who are selling their main residence after living in it for two years or more. Platinum Tax Defenders encourages taxpayers with capital gains questions and tax relief needs to seek out a tax attorney for details, so that complications don’t result in IRS notices of an unpaid balance.

Platinum Tax Defenders, begun by Sherri Gastelum, has a dedicated team of 10 professionals. These include a tax attorney, CPA’s and former IRS agents. Sherri has twenty years of experience in tax and corporate business issues. Free consultations are available for those with questions, and range from 25 to 45 minutes, so that a qualified tax resolution professional can examine the situation’s specifics and talk through strategies for dealing with the IRS.

For more information from Platinum Tax Defenders on capital gains or back taxes issues, call 1-877-668-1807 or send an email to info(at)tax-resolution(dot)me.

Related Making Money In Real Estate Press Releases

Hard money lender provide money regarding mortgage security assets

Article by Robin Jackson

Money lender provides money regarding secured assets which ensure to provide money at considerably lower interest rates. A hard money loan is a specific type of financing which directly depends upon through which a borrower receives funds secured by the value of a parcel of real estate which guarantee pricing in terms of security based financing. Hard money loans are typically issued at much higher interest rates than conventional commercial or residential property loans and are almost never issued by any banking institution or other deposit institution. Hard money is similar to lending as well as cost to the borrowers. Money lender ensures to provide money secured against any real estate property. It is an easy means of getting value or worth for money as hard money lenders categorize loan to value property which identify the cost to value ratio.

Hard money lenders are quite simplified and collaborative approach to bridge based money lending and borrowing schemes. They are categorized in terms of loan to value requirements and define the proportionate interest rate in terms of a real estate norms and their cost to property and the amount limit which can be borrowed significantly depending upon loan worth and mortgage asset confirmation. Hard money lender is generally a financial institution which has reserves of currency or foreign exchange which have the ability to make a discretionary decision regarding conformity of loan evolution process which involves minimum documentation and allows scope for fewer hassles which can provide easy financial transaction. Since, it is a commercial property; they do not confirm standard loan guideline either.

Commercial hard money lenders are generally financial institutions which offer to forfeit the property in case of a default transaction where money against property is not returned within specified period of time. If property is not brought back or purchase or sold within specified period of time commercial money lender may keep the property at the agreed price. From its inception and origin; money has always been a source of speculation and varied interest by one and all; thereby, hard money lender ensure that financial transaction is regulated by state or federal laws which have some restrictions on interest rates by state governments which restrict a precautionary control on interest rates and foreign reserves control which impose certain regulations upon inventory and mortgage based management. They are more expensive than traditional loans; because they are not controlled by credit guidelines which provide a basic framework for investors and banks from default high interest rates.

Robin has masters degree in mass communication and working as a financial adviser and he writes articles about various financial issues like Hard money lender and Hard money lenders.
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