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I got a tax refund. Will it be taxed as income?
Updated Apr 12, 2021;
Q. I did not reduce my 2020 estimated tax payments to adjust for the suspension of my Required Minimum Distribution (RMD). I filed my taxes and received a refund for the amount of the overpayment. Will that refund be taxed as income in 2021? Taxpayer
A federal tax refund is your money that you overpaid to the government.
Therefore, as it is a return of your own funds, said Joseph Sarnecki, a certified financial planner with U.S. Financial Services in Fairfield.
“Keep in mind, state income tax refunds may be taxable income for federal purposes for individuals who itemized their deductions on their federal tax return in the previous year,” he said. “This should be reviewed with your accountant.”
Do I need a lawyer when I refinance my home?
Updated 5:30 AM; Homeowner
A. Some states require the use of a real estate attorney in the refinancing process, but New Jersey isn’t one of them.
Even if it’s not required, it still may make sense for you to have someone who will understand all of the mortgage terms that you will receive because no one else involved in this process is representing you, said Altair Gobo, a certified financial planner with U.S. Financial Services in Fairfield.
With interest rates being so low, many people only focus on the rate, Gobo said.
How can I avoid capital gains tax on inherited property?
Updated Apr 05, 2021;
Q. A person lives in Pennsylvania but owns an investment property in New Jersey. The person leaves the New Jersey home to their adult child, and the estate is being probated in Pennsylvania. What needs to be done to ensure the stepped up basis to avoid capital gains on the sale of the property? Beneficiary
A. We’re sorry for your loss.
When a beneficiary of an estate inherits property from a decedent, most assets receive a step up in basis to the assets date of death value.
How can I avoid capital gains tax on inherited property? lehighvalleylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lehighvalleylive.com Daily Mail and Mail on Sunday newspapers.