A Cost Segregation Study involves a qualified specialist who is able to (1) identify depreciable cost basis into the appropriate property classes in order to maximize the acceleration of depreciation deductions; (2) explain the rationale for such asset classifications; and (3) substantiate the cost basis of each asset.
2018 inflation-adjusted figures for contributions to HSAs have been released by the IRS.
Inheriting an IRA means different things to different people. Everyone shares in the grief of a departed loved one, but the options available to those beneficiaries are very different. Spousal beneficiaries have options to treat the IRA as their own or can keep the account in the original owner's name. Non-spousal beneficiaries must keep the account in the original owner's name and are subject to different distribution rules that depend on the age of the original owner.
According to UHY partner Christopher Byrne, Internal Revenue Code § 121 provides taxpayers with an exclusion from gross income of up to $250,000 of gain on the sale of a taxpayer’s principal residence. A married couple filing a joint return may exclude up to $500,000. In order to qualify for the exclusion, the residence must have been the taxpayer’s principal residence for an aggregate of 2 years or more during the 5 year period leading up to the sale. The determination of a principal residence is a question of facts and circumstances.
As part of the Affordable Care Act (ACA), one of the many excise taxes imposed by this act is again quickly approaching. The Patient-Centered Outcomes Research Institute (PCORI) fee is an excise tax imposed on health insurance issuers and plan sponsors of self-insured health plans effective for plan years ending on or after Oct. 1, 2012.
A United States citizen dies in the United Kingdom having spent a significant number of years living and working in the UK. To which country or countries will estate taxes be payable?
Fortunately, in the case of the US and the UK there is an estate tax treaty that has mechanisms to prevent double taxation.
According to UHY partner Christopher Byrne, the US / UK Estate Tax Treaty uses domicile primarily as the bases of estate taxation. The exception is real property and business property of a permanent establishment. Those are taxed based on location.