Majors Law Firm P.C.

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Avoiding Capital Gains Tax with a Section 1031 Exchange

December 9th, 2015 | Written by Lori K. MacWilliam, Esq.

Taxpayers must generally report any profits made from the sale of a capital asset, and pay to the government any capital gains tax owed. But if a taxpayer is selling real estate, it's possible to defer capital gains by taking advantage of a tax break that allows you to swap investment property on a tax-deferred basis.

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Eliminate Capital Gains Tax on Inherited Real Estate Using “Stepped-Up Basis”

July 22nd, 2015 | Written by Lori K. MacWilliam, Esq.

Some people are unaware of the advantages of the IRS allowance for “stepped-up basis” for real property. If grown children inherit the home in which they grew up, and in which their parents have lived  for many years, the home has probably appreciated in value quite a bit. That could mean significant capital gains for the children.  But the good news is that this gain, no matter how much, would be erased as a result of “stepped-up-basis at death” allowances.

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Do Pollution Exclusion Clauses Release an Insurer from Coverage?

March 25th, 2015 | Written by Arthur D. Fialk, Esq.

Issues of insurance coverage can arise when personal injury or property damage occurs because of the release or spill of pollutants. It is customary for insurance policies to have exclusion clauses that state that damages from pollution exposure are not covered. These types of pollution damages or injuries can arise in many circumstances.

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Lack of Permits for Home Improvements Can Affect Your Home Sale

February 23rd, 2015 | Written by Lori K. MacWilliam, Esq.

Did you know that a lack of proper permits for home improvement projects can complicate the sale of your home? 

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