Tax Guru – Ker$tetter Letter

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Archive for February 7th, 2005

Posted by taxguru on February 7, 2005

Bush’s Fiscal 2006 Budget Pushes Tax Cut Permanency, Budget Process Reform

 

White House Budget Leaves Heavy Lifting to Tax Reform Commission

 

IRS Enforcement Gets Budget Boost; Service, Modernization Not So Lucky

 

Proposed Treasury Budget for FY 2006

 

Statement of IRS Commissioner Mark W. Everson on the FY 2006 Budget

 

 Elderly Are Skeptical Of Reverse Mortgages – I have always had problems convincing elderly people that there is no sin in having a mortgage on their homes and dipping into their equity in order to enjoy the fruits of their investment.  A home with a mortgage is still a windfall to their heirs.  When I crunch the numbers, it often works out better to have them take out a large mortgage at one time rather than use a piece-meal reverse mortgage approach.  It usually works out that they can deposit half of the tax free loan proceeds into the bank and it will make the payments for their rest of their lives.  The other half can be spent on fun stuff, “I’m spending my kids’ inheritance” style. 

 

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Posted by taxguru on February 7, 2005

Tax-Free Home Sale Combinations – Thanks to TaxProf Paul Caron for the lead on this summary of ways in which to use 1031 exchanges and the Section 121 up to $250,000 per person tax free home sale rules to save a lot of tax money. The serial home selling strategy of moving into rental properties and then selling them each two years has been a popular technique to legally avoid capital gains on residential properties for almost eight years now. 

  

BUSH BUDGET DIRECTOR BRAGS OF SHIFTING TAX BURDEN TO RICH – We must be in some kind of time warp here.  This is the kind of thing that Clinton and his Marxist gang loved to brag about.  It’s not very logical coming from a capitalist President. 

 

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