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John VanDuzer is Partner, James Moore & Company CPAs. They focus on real estate, so naturally we had a few questions when it came to the new administration.
For those in the lower income brackets, your taxes most likely won’t change too much, and you may even see a slight reduction. Married couples filing jointly making up to 400k won’t see many changes at all, but those making over 400k could see themselves in a 50-60% effective tax rate. Of course, that all depends on how you make your income.
Those with assets over $5 million who are looking to transfer their estate one day will also end up passing on a much higher tax liability with the proposed changes on inheritance and transfer taxes. Right now, families can transfer up to $20 million in an estate or trust to their heirs tax free. It looks like penalty free amount will be significantly reduced from $20 million to $5 million.
In addition to real estate taxes, we address the rise of bitcoin, how it’s affecting your taxes, and what to watch out for in crypto currencies.
If you need help finding the perfect location or your ready to invest in commercial real estate, email us at email@example.com.
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