Joseph T. Hagen & Associates, PC

02/08/2021

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Are you age 65 or older? If so, this requires your prompt attention. Elder abuse happens in more ways than you think. I recommend taking 3 minutes to stop and watch this important informational video. Feel free to contact me either by phone, email, or personal message me if you feel like this might apply to you.

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Presented By:Joseph T. HagenJennifer J. Martinof Hagen O'Connell & Hval

05/04/2020

Educational Short Topic of the Day:

03/22/2020

Thanks Homer.

01/18/2020

Various Kinds of Property and Prenuptial Agreements

01/02/2020

Tax Tip Of The Day:

C corporation stock issued after August 10, 1993 and held for at least 6 months may be sold and reinvested tax free within 60 days after the sale of original issued stock into another C corporation income tax free if the original value of the corporation is $50 million or less and the new corporation stock is $50 million of less. IRC section 1045.

12/23/2019

Tip of the day:
TO EXCLUDE GAIN ON THE DISPOSITION OF A HOME from income under IRC section 121, a taxpayer must own and occupy the property as a principal residence for two of the five years immediately before the sale. However, the ownership and occupancy need not be concurrent. The law permits a maximum gain exclusion of $250,000 ($500,000 for certain married taxpayers). The IRS has issued proposed regulations to clarify how these rules work in certain situations.
A TAXPAYER IS CONSIDERED TO HAVE OWNED and used a home as a principal residence during the time his or her deceased spouse used the home as a principal residence. This rule applies as long as on the day the home is sold the taxpayer’s spouse is deceased and the taxpayer has not remarried. Divorced spouses can also benefit from the ownership and use periods of former spouses to satisfy the exclusion requirements.

In reference to article:

EXECUTIVE SUMMARY TO EXCLUDE GAIN ON THE DISPOSITION OF A HOME from income under IRC section 121, a taxpayer must own and occupy the property as a principal residence for two of the five years immediately before the sale. However, the ownership and occupancy need not be concurrent. The law

12/16/2019

Start planning for the new year on the right foot with professional legal advice, whether it’s for your family or your growing business!