Exchanging investment or business real estate for other real estate better suited for your business can be accomplished tax free.
The receipt of a gift or inheritence is free of income taxes. If you sell the gift or inheritence you may incur income taxes.
The lift-time exemptions for gift and estate taxes are doubled through 2025. Now may be the time to consider making gifts to minimize estate taxes.
Social Security benefits are taxable for most recipients. The amount of benefits subject to an income tax is dependent on overall income.
Traditional and Roth IRA’s offer tax deferred or tax-free savings for retirement. Distribution rules vary depending on the type of IRA. Penalty exemptions may apply to early distributions.