Question: I am contemplating giving to my daughter stock which has decreased in value below my purchase price. Is my daughter entitled to a tax loss if she sells the property?
Loss Deductions on Gifted Property
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Tax Corner
IRA Distribution Issues for Non-Designated Beneficiaries
Question:Â Â Â Â Â Â Â My widowed father recently died and failed to designate myself nor any of my siblings as beneficiaries of his IRA. Is there an opportunity to have these funds paid out over a prolonged period of time and avoid the five-year payout period?
Tax Free Income from Short-Term Rentals
Question: I have a lake house which I occasionally rent to my corporation for business use. Am I still allowed to both exclude from tax the rental income I receive and have the corporation deduct the rent paid?
Retirement Plan Withdrawal Strategies Based on New Legislation
Question:Â Â Â Â Â Â Â I am the beneficiary of a traditional Individual Retirement Account that I inherited from my recently deceased 80-year-old father. What is the best strategy for withdrawing the funds?
Bargain Sales to Charity
Question: I intend to sell to a charity a vacant lot that I have owned and held as an investment for many years for less than the current value. Can I take a charitable contribution deduction for the difference?
Comparing Tax Consequences of Mutual Funds and EFTs
Question: I own a number of mutual funds. Should I be switching my investment assets to ETFs for income tax savings?
Avoiding 5% Owner Status for Retirement Plan Distribution Purposes
Question:       I am one of three equal owners of a corporation where I continue to work. I just turned age 70 and am wondering if I can defer the start of required minimum distributions from our company 401(k) plan until I retire?
Increasing Tax Basis on a Decedent’s Death
Question:Â Â Â Â Â Â Â My mother is terminally ill and holds a meaningful amount of property, including traditional Individual Retirement Accounts. Is there a basis step-up at her death on her IRAs and on any of my appreciated assets I may choose to transfer to her?
Creative Coverage Designs for Qualified Plans
Question:Â Â Â Â Â Â Â I own two separate businesses and am considering adopting a profit sharing and 401(k) plan for my employees. Is my advisor correct that the plan must cover the employees of both companies?
Tax Planning for Lottery Winners
Question:       My husband and I recently won the grand prize from my State’s lottery. Can you provide some guidance on how we will be taxed on our lotto winnings?