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Mommy Mentor Columns

Money and Finance - by Teri Kaye, CPA [more]

Short-term Real Estate Gains Are they Capital or Ordinary?

Ron in Fort Lauderdale asked how you know whether the gain on sale of real estate is ordinary or capital. He bought and sold several properties in 2005, and he also bought and held some other properties. He wants to know if some can be treated as capital assets so he can offset capital losses with these gains. This is a

great question, because the answer is based on facts and circumstances and intent . In determining whether an asset is capital or ordinary, the IRS looks to the intent when the asset was acquired and the facts and circumstances thereafter. Read more.

Can Constructing a Building Qualify as a Like-kind Exchange?

Lani from Cooper City has 6 acres of real estate land. She plans on selling some of the land and using the proceeds to build a cabin on the remaining land. She asked whether she could defer gain on the sale of land under the like-kind exchange rules. Read more.

You May be Surprised at the actual Capital Gains Tax Rates!

George in Parkland wants to know the capital gain tax rates. While this question should have a simple answer, the truth is quite complicated. Many people are caught unaware of their actual tax liability when they sell property, assuming a 15% “capital gain rate”. By the time their tax return is complete, they are shocked at how much they actually owe! Read more.

Welcome to “Ask Teri Taxes”!

This column is designed to answer tax questions that are common to many taxpayers. Each issue of BizAction will feature one of the questions I receive.

Of the many questions received I selected one from Alan for this inaugural issue because it applies to so many businesses and the rules in this area recently changed. Read more.

Working Out of Your Home?

Business use of the home is one of the most feared deductions, in that most people have heard that claiming this deduction is a “red flag”. It is true that the risk of an IRS examination increases with the filing of Form 8829. But it is also true that if you legitimately qualify for the deduction, you should claim it, after making sure that you have the documentation to support it. Read more.

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