Category Archives: Exclusion of Gain From Sale of Residence

Tax News & Comment — May 2013

Posted on May 3, 2013 by David L. Silverman, J.D., LL.M. (Taxation)
Posted in Asset Protection, Asset Protection Trusts, Criminal Penalties, Delaware Asset Protection Trusts, Divorce, Estate Litigation, Exclusion of Gain From Sale of Residence, Executor and Trustee Commissions, Federal Tax Litigation, Fiduciaries, Litigation, New York Criminal Tax, New York State Income Tax, NYS Dept. of Tax'n & Finance, NYS Penalties, NYS Tax Litigation, NYS Tax Litigation, Prenuptial Agreements, Property Transactions, Tax News & Comment, Treatises | Tagged , , , , , , , , , , , , , , , | Leave a comment

Tax Planning For Divorce

Posted on May 3, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

   I.   Introduction.  In an action for divorce, property is subject to “equitable distribution” pursuant to Domestic Relations Law (DRL) §236. New York distinguishes between “marital” property, which is subject to equitable distribution, and “separate” property, which is not. The … Continue reading →

Posted in Asset Protection, Divorce, Exclusion of Gain From Sale of Residence, Tax Planning | Tagged , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Exclusion of Gain From Sale of Residence Under IRC Section 121

Posted on March 15, 2010 by David L. Silverman, J.D., LL.M. (Taxation)

The 1997 Tax Act eliminated the rollover gain provision as well as the one-time $125,000 exclusion for persons 55 years or older. IRC § 121 now provides for an exclusion of $250,000 which may be claimed every 2 years. To … Continue reading →

Posted in Exclusion of Gain From Sale of Residence, Property Transactions | Leave a comment