With the down market in 2008, you might have sold off some of your losses. Did you know:
1. You can offset your losses against any capital gains dollar for dollar. In addition, you can write off $3000
This week President Bush signed a new pension relief bill designed to help retirees by eliminating the required minimum withdrawals from their retirement plans. We can foresee many tax advantages that this bill will open up for our clients and people over the age of 70. Most importantly this will buy additional time to rebuild your portfolios after the hit they have taken in the financial markets over the last few months. Lastly it will be free from immediate taxation.
In August 2008 the General Accounting Office (GAO) issued a Report to the Committee on Finance, U.S. Senate regarding Individual Retirement Account compliance issues.
The GAO Report is in excess of 50 pages and discusses the complexities of complying with the Individual Retirement Account (IRA) tax rules. I will help you understand just what this means for you.
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