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Opinion

ASK HARRY: Can I Pass My $250,000 Capital Gains Exclusion On To My Heirs?

  • Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987.

Question: I'm 94 years of age and own a home in Massachusetts. When I pass, will my heirs be able to take the $250,000 federal capital gains deduction that I would have been entitled to if I sold the house? Does this differ from state to state?

Opinion

ASK HARRY: How Will Irrevocable Trust Be Taxed Upon My Death?

  • Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987.

Question: If I place my home in an irrevocable trust with my children as beneficiaries what is the tax upon my death?

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House Passes $192 million Tax Cut Package

The Alabama House of Representatives today passed a $192 million tax cut package. The package includes legislation aimed at reducing the cost of groceries, supporting senior citizens on fixed incomes, and cutting taxes on earned income.