When you withdraw funds from your 401(k)—or ‘take distributions,’ in IRS lingo—you begin to both enjoy the income from this retirement mainstay and face its tax consequences.
There are several tax concepts that are important for real estate investors, but for many people, step-up in basis is one of the least understood.
In a recent episode of the Dax Shepard podcast “Armchair Expert,” Kutcher said he wasn’t creating trust funds for his two children with his wife, Mila Kunis.
I am concerned about the SECURE and RESA acts currently being considered in Congress. If either of them passes, my children will lose the inherited stretch IRA ability and face a much higher tax bill upon my demise.
If you are lucky enough to inherit a 401(k) or an IRA, when you don’t know what you are doing, you could put your inheritance at risk. The tax rules need to be followed to the T. These IRS inherited IRA rules will vary, depending on who has passed away, and who is inheriting the retirement accounts.
My wife and I have agreed to sell our house to our son. The bank-appraised value of the property is $700,000 and we are selling it to him for $340,000, which is the amount of the mortgage. How will the $360,000 be treated and are there tax consequences?
If you haven’t discussed your parents’ long-term financial goals with them, you aren’t alone.
I received a joint ownership of my father’s house about 10 years ago with my sister. She always lived there. I share no expenses and she and my dad pay all the bills. We plan to sell the home after our father passes. Can I give her my half, so we don’t face taxes?
You’ve invested in a 401(k), made contributions for decades and finally are ready to withdraw–or take distributions, in retirement-plan speak. However, you now have to pay taxes on what you take out, effectively reducing your nest egg. What to do? Here are several ways to minimize taxes on withdrawals.
The wish to leave our heirs with a legacy is powerful. Don’t leave them without an estate plan.