Cut Your Client's Tax Bill

Chapter 1 1-1 Maximizing Tax Benefits for Sales of Capital Gain Assets and Real Property 1-1 Current capital gain and dividend tax rates 1-3 Tax-smart strategies for capital gain assets 1-8 Tax-smart strategies for fixed-income investments 1-12 Planning for mutual fund transactions 1-14 Converting capital gains and dividends into ordinary income to maximize investment interest write-offs 1-19 Planning for capital gain treatment for subdivided lot sales via IRC Section 1237 relief 1-22 Land is not always a capital asset 1-29 Beneficial capital gain treatment allowed for sale of right to buy land and build condo project 1-33 Escape taxable gains altogether with like-kind exchanges 1-35 Primer on the 3.8% net investment income tax 1-49 Chapter 2 2-1 Planning for Employer Stock Options, Employer Stock Held in Retirement Accounts, and Restricted Stock 2-1 Employer stock options: Tax implications 2-2 How to handle employer stock received in a qualified retirement plan distribution 2-12 Restricted stock: Tax implications 2-14 Chapter 3 3-1 Maximizing Tax Benefits for Personal Residence Transactions 3-1 Qualification rules for gain exclusion privilege 3-2 Excluding gain from sale of land next to residence 3-13 Excluding gains in marriage and divorce situations 3-14 “Electing out” of gain exclusion privilege 3-18 Sale of former principal residence “freed up” suspended PALs from rental period even though gain on sale was excluded 3-19 Understanding the tax implications of personal residence short sales and foreclosures 3-21 Tax angles when client converts personal residence into rental property 3-29 How the TCJA affects homeowners 3-33 Chapter 4 4-1 Tax Planning Opportunities with Vacation Homes, Timeshares, and Co-Ownership Arrangements 4-1 Rules for “regular” vacation homes (as opposed to timeshares and co-ownership deals) 4-2 Rules for timeshares and vacation home co-ownership arrangements 4-7 Playing the gain exclusion game with multiple residences 4-10 Chapter 5 5-1 Tax Planning for Marital Splits and Married Same-Sex Couples 5-1 Separate versus joint returns for pre-divorce years 5-3 Avoiding pre-divorce tax fiascos with IRA and qualified retirement plan assets 5-11 Planning to achieve tax-effective splits of IRA and QRP assets 5-12 Planning to achieve equitable after-tax property divisions 5-18 Treating payments as deductible alimony 5-21 Tax developments affecting married same-sex couples 5-29 Chapter 6 6-1 Tax-Saving Tips for Self-Employed Clients 6-1 “Heavy” SUVs, pickups, and vans are still big tax-savers 6-2 Combine “heavy” vehicle with deductible home office for major tax savings 6-8 Home office deduction options 6-10 What to do when both spouses are active in the self-employment activity 6-20 Simplified compliance rules for unincorporated husband-wife businesses in non-community property states 6-27 Update on tax-smart health savings accounts 6-30 Section 199A – The qualified business income deduction 6-37 Should your client’s business switch to C corporation status? 6-44 Chapter 7 7-1 Tax-Smart College Financing Strategies 7-1 Education tax credits 7-2 Deduction for higher education tuition and fees 7-8 Deduction for student loan interest 7-9 Coverdell Education Savings Accounts 7-11 Tax-free interest from U.S. Savings Bonds 7-12 Electing the accrual method for U.S. Savings Bonds 7-15 Splitting investment income with the kids 7-17 How a closely held business can deduct college expenses paid for the owner’s adult child 7-30 “Last-minute” suggestions for procrastinators 7-32 Glossary Glossary 1 Index Index 1 Solutions Solutions 1 Chapter 1 Solutions 1 Chapter 2 Solutions 4 Chapter 3 Solutions 5 Chapter 4 Solutions 7 Chapter 5 Solutions 8 Chapter 6 Solutions 10 Chapter 7 Solutions 13