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.

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May 10 (Bloomberg Law) — Stuart Saft, the former head of the real estate group at Dewey & LeBoeuf, tells Bloomberg Law’s Lee Pacchia that legal headhunters spread blog stories about the firm’s financial problems to mainstream media reporters because it was in their financial interest to do so. The spread of those stories led to the firm’s meltdown, he said. Some of his former partners asked the Manhattan District Attorney to investigate former Dewey chairman Steve Davis in an attempt to nix the firm’s merger discussions with other firms, he said. “There’ll be plenty of acrimony and anger still to come,” he predicts. More than a third of the firm’s 300-some partners have left since the beginning of the year. Saft, now head of the New York real estate practice group at Holland & Knight, is the first former Dewey partner to speak on camera since the firm’s troubles began earlier this year.
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Overhauling of foreclosure rules in Hawaii has led to a glut in housing

Article by Julie Thompson

Overhauling of foreclosure rules in Hawaii has led to a glut in housing – Real Estate – Foreclosures

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Hawaii recently initiated a new law that overhauled foreclosure rules but this has led to a glut in housing. The aim was to stop evictions of house owners and it was lauded as the strongest law pertaining to foreclosure in the nation; some had warned that perhaps it was too strong.

Responding to this new law Fannie Mae, the mortgage giant, instructed the lenders under it three weeks previously, to move all the foreclosures of Hawaii into the courts rather than avail of the mediation programme that the law had introduced.

The courts are now weighed down with an overload of foreclosure cases and struggling to keep pace. Even without these new entrants the courts were taking about twelve to fourteen months to go through the postings. The lenders are giving warnings to the legislators that they have no plans to make use of mediation.

The obvious outcome of this mayhem will be more delays in foreclosed houses finally entering the market. This will postpone the recovery in the housing sector it being the root cause for the economic malaise.

Last May Governor Neil Abercrombie inked the law that ran into 102 pages. It stipulates that lenders will have to prove to mediators that they have the legal standing to foreclose; for deceptive operations they can be sued and also for side stepping the law. The law bans lenders from trying to get deficiency judgments; by it the lender can chase the borrower for a good number of years for the balance amount due that the foreclosure sale failed to cover.

The law was in response to innumerable complaints that lenders from outside the state rushed through the foreclosure process outside courts ? Hawaii being a non-judicial state. The complaint was that the lenders did not have the proper papers to prove that their operations were justified. All attempts by the homeowners to modify or seek any other viable alternative were rejected by the lenders, even though both sides would have benefited from it; the lenders would have got the market value for the property and the homeowners would have been able to stay in their homes.

Kim Harman of Faith Action for Community Equity (policy director said) the law successfully ?closed the loophole in Hawaii foreclosure law that allowed lenders across the country to foreclose quickly?. He bemoaned that the local households did not have a chance to plead their case and present their view of the happenings.

About the Author

Julie Thompson, has been working on studying the foreclosures market, helping buyers on the finer points of Huntington Park. Try to visit and find all related information about foreclosed homes.

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Julie Thompson

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Julie Thompson, has been working on studying the foreclosures market, helping buyers on the finer points of Huntington Park. Try to visit and find all related information about foreclosed homes.

Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author’s information and copyright must be included.

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