Income tax planning opportunities for residential realty
Article Abstract:
Home ownership gives rise to various tax planning opportunities and deductions since interest on home mortgage debt is still deductible according to the Tax Reform Act of 1986. Mortgage debt can be classified as either investment interest or qualified residence interest. A taxpayer should be able to change the characterization of the mortgage debt interest if the use of the property is altered. Debt interest incurred in connection with the purchase of property adjacent to a 'qualified residence' can be characterized as qualified residence interest.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1992
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Income and estate tax impact of income in respect of a decedent
Article Abstract:
Estates or beneficiaries receiving income in respect of a decedent (IRD) may be liable for income and estate taxes on such income. IRD is money earned but not received by decedents prior to death. Gross estates include the IRD's value, although income tax deductions are allowed for IRD-related estate taxes. Deductions in respect of a decedent also have a direct effect on the amount of estate and income taxes due. Examples of IRD include salaries, bonuses or other compensation, partnership or investment income, and income from property sales.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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The benefits of establishing a private foundation in Delaware
Article Abstract:
The authors discuss Delaware's benefits in establishing nonprofit organizations as private foundations, focusing on how charitable lead trusts and charitable remainder trusts can work as funding vehicles for foundations.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 2001
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