19 ordspråk av Frank Degen

Frank Degen

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It can't be like a babysitting situation.

The rate at which the profit is taxed depends on whether or not the property depreciated in value.

You can be looking at 25 percent of the tax that is owed, plus all the interest. If you don't pay then the IRS can take some pretty Draconian measures.

Previously, someone like a plumber, who may have run his office from home and had a secretary there, could not take this deduction because he provided goods and services outside the home. Of course, the IRS realized the inequity there and changed the rules.

The IRS will hold back a part of a refund if the two names don't match.

I don't want to sound sexist, but it happens a lot. The husband is working off the books and the wife calls the IRS.

They do it one year and they think maybe no news is good news.

He's going to lose on eight of them, because he's past the three-year statute.

There will some unpleasant surprises and a sense of loss among single parents who have adult children living with them when they file this year.

It used to be much more advantageous prior to the change (in 1993). There's been a lot more tightening.

Always file your tax return on time, even if you don't have the money. The biggest penalty is late filing.

The new rule is much more friendly to taxpayers. Only sales of more than $500,000 for married couples and $250,000 for single people have to be reported. So you don't need to keep records unless you think you home may sell for more than that amount.

When people sell funds from one family to another -- say, Fidelity to Janus -- they know they've triggered a taxable event. But when people sell one Fidelity fund and buy a different Fidelity fund, they don't realize that's taxable as well.

There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.

A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that.

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Det är julafton om 261 dagar!

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