🎉 Updated Podcast Episodes Alert! 📢 Tax Episode 6-10

6️⃣

Related Party Transactions 🤝

Losses disallowed; buyer has double basis (FMV for losses, seller’s basis for gains).

7️⃣

Long-Term Capital Gains 📈

Rates explained: 0%, 15%, 20%, plus special rules—25% for Section 1250 recapture and 28% for collectibles.

8️⃣

Ordinary Income Rates 💸

Highest rate (37%) applies to ordinary income, Section 1245 recapture, and short-term capital gains.

9️⃣

Wash Sales 🧼

Losses disallowed if identical securities are acquired within 30 days; loss added to the new security's basis.

🔟

Personal Residence Gain Exclusion 🏡

Exclude up to $250,000 ($500,000 MFJ) if ownership and use tests are met.