Tips to Keep in Mind on Income Taxes and Selling a Home

If you have owned and lived in your house for two years you may qualify to exclude from their income all or part of any gain from the sale of their main home.

Below are tips to keep in mind when selling a home:

Ownership and Use. To claim the exclusion, the homeowner must meet the ownership and use tests. This means that during the five-year period ending on the date of the sale, the homeowner must have:

The Equifax Data Breach – Steps You Should Take

By now you’ve probably heard that Equifax, which as one of the three major U.S. credit agencies collect loads of sensitive data on consumers, suffered a massive breach, potentially affecting 143 million Americans. On a side note it concerns me that Equifax sells credit monitoring and other services to detect whether identity thieves have pilfered your information.  What happened there?

If you have not done so already, this is what you should do.  I checked and unfortunately I am on the list. 

HAPPY HOLLIDAYS

Not quite ready to hear that phrase? It is time to get ready because the holiday season will be here before you know it.  Now is the time to plan to fully optimize your operations for the coming storm of holiday sales. Here are some things to consider

The IRS recently posted the following reminding people that scammers are pretending to be IRS agend to get into your pockets.  Be careful!

Be Alert to Scammers Who Pose as the IRS

FARMLAND VALUES DROP 6.2% IN NEBRASKA

In August the USDA released their estimates of farmland values in 2017. A quick glance through the report shows cropland values in Nebraska fell hardest, down 6.2% from 2016. Iowa, on the other hand, posted a small increase, up 1.3%. Given these differences for neighboring states, this week’s posts takes a look at farmland value trends over the last few years.

National

Q.  I have an HSA which I want to fund but cash is short this year.  Any options?

A.  If you don’t have other cash to contribute transferring money from a IRA to a HSA is a possibility.  It is possible to make a onetime rollover with that money counting towards your annual contribution limit.  This is a good idea because you are converting tax differed dollars into tax free money if you use the withdrawals from the HSA for medical expenses. 

PRESIDENT TRUMP’S LATEST ON TAX REFORM

President Trump on August 30^th laid out his goals for a federal tax overhaul. While the speech was short on detail, the broad objectives outlined by the President provide a good starting point for thinking about what a potential tax reform could look like.

In the address, Trump listed four principles for what a tax reform bill should include:

Don’t’ forget your 3d quarter federal and state tax estimates are due on September 15, 2017. 

Note:  If you set up estimates to cover your 2016 liability or estimated tax for 2017 and your income is down you might want to consider recalculating your 3d quarter estimate.  No need paying Uncle Sam earlier than necessary.

Recently, the staff of Kopsa Otte took a break from the hectic day-to-day operation, and got away to a newly refurbished hotel in downtown Lincoln called The Graduate.    It is part of a small chain located in University towns—Lincoln being one of them.  The décor is specialized with UNL scenes and memorabilia.  As nice as the hotel is, the staff, food and facilities were exceptional.  I highly recommend if you are looking for a unique get-a-way, consider The Graduate.  To get a peek, go to www.graduatehotels.com/lincoln