Many New Yorkers who want to move to Florida still desire to retain a home, an apartment, or some other type of property in the place where they grew up. What many of the newly minted Florida residents may not consider are the estate tax consequences of continuing to own property located in New York.
Daniel B. Axman
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IRS Eases Administrative Oversight of ABLE Accounts
By Daniel B. Axman & Mary Browning on
As discussed in earlier blog posts, the Achieving a Better Life Experience (ABLE) Act was signed into law in December 2014. Under the ABLE Act, a so-called ABLE account can be established for a disabled individual. The mechanics are very similar to 529 college savings plans. As opposed to saving for college, the ABLE account…
Receiving a Deduction for Your Charitable Contribution on Giving Tuesday
By Daniel B. Axman on
Posted in Income Tax
Today is Giving Tuesday, so today’s blog post focuses on ensuring that you are doing everything necessary to receive your charitable deduction, especially in light of a recent court decision. In a case that was decided just two weeks ago, the Tax Court found that a taxpayer could not take a deduction for contributions of…
Florida Becomes the 36th State to Allow Same-Sex Marriage
By Daniel B. Axman on
Posted in Estate Planning
On August 21st, 2014, U.S. District Court Judge, Robert L. Hinkle, in the case of Brenner v. Scott, ruled that Florida’s constitutional and statutory bans on same-sex marriage were unconstitutional. Same-sex couples were able to marry across the State of Florida beginning yesterday, the day that Judge Hinkle’s stay was lifted. The case…
President Obama Signs Into Law Tax Extenders and ABLE Act
By Daniel B. Axman on
Posted in Income Tax, Legislation
In two earlier blog posts we mentioned that the House had passed one bill to extend a number of tax breaks and had passed another bill, the ABLE Act, which would provide added benefits to individuals with disabilities.
Tax Extenders Bill:
The good news is that the bill was signed into law on December 19,…