AIPIS 118 – Reducing Your Capital Gains & State Taxes with Ashlea Ebeling, Attorney and Associate Ed

Where is the best place for you to live? Did you know it may be different than the best place for you to die? There are an alarming amount of different taxes to pay depending on which state you reside in. And while you may save money because your social security income isn’t taxed in your current state, you may pay more than that amount in property taxes or estate taxes – like in New York. Even the most gifted accountants have difficulty charting the tax waters. Especially this year when dealing with a lame duck congress, who allowed tax extenders to lapse at the end of 2014. The IRS expects delays and may possibly extend the tax season to accommodate all the changes. Ashlea and Jason discuss the myriad of taxes, Roth IRAs and more, in this episode.

Key Takeaways:

[2:08] The Cliff provision in the state of New York

[5:43] Look at the entire tax picture before moving

[6:34] Connecticut is the only state with a gift tax

[7:37] 4 Ways people get around a state estate tax

[9:07] Forbes interactive map of where not to die

[10:55] State by state capital gains tax and inheritance tax

[13:33] Charitable remainder trust & the Roth IRA

[15:29] Will the government change the rules in the future regarding a Roth IRA? 

[17:31] Research all of your self-directed options before committing 

[18:22] 2016 Tax changes and delays will make for a difficult tax season

[22:10] Find articles by Ashlea by typing her name into forbes.com

Mentions:

Hartman Media

Forbes