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Some Helpful Information
At King & Associates, LLP, we know that an informed client is our best customer. And the Internet is a great education resource, with endless amounts of information just a click or two away.
But sometimes it's nice to have help sorting through the virtual noise and clutter, so we've selected a few helpful articles for you to view. Check back often, for all the latest information on ways to manage your business and personal financial needs more effectively.
Just click on the article titles below to view the complete text.
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| | Used Vehicle Donation Rules
There are strict rules for charitable contributions of used motor vehicles, boats, and airplanes that apply to donations valued at over $500. If these rules are not met, a taxpayer cannot claim a charitable deduction. This article explains how the rules work and how taxpayers can verify their donation of a used vehicle, boat, or plane. | | | Temporary Credit for First-time Homebuyers
The recent American Housing Rescue and Foreclosure Prevention Act of 2008 (Housing Act) created a temporary credit to encourage home ownership. | | | Changes to the Home Sale Gain Exclusion
Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the two-year ownership and use tests for the exclusion were satisfied. | | |
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