Dennis C. Carroll, Esq.
Should I put my retirement account into a trust?
A trust can't own an individual retirement account (IRA) since a trust is not an individual. If you absolutely wanted to put the assets...
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Dennis C. Carroll, Esq.
- Sep 21
- 2 min
How does depreciation work?
Instead of being able to take a current-year, full deduction for a business or income-producing purchase, some purchases require...
Dennis C. Carroll, Esq.
- Sep 19
- 2 min
Does putting my house in a trust save on taxes?
If you're using a revocable living trust, meaning you can change the trust and you keep possession of house that's inside the trust, then...
Dennis C. Carroll, Esq.
- Sep 1
- 2 min
What happens when I start renting my house?
When you convert your former residence to income-producing use then your rental depreciation deduction is based on the lower of the...
Dennis C. Carroll, Esq.
- Aug 7
- 2 min
How much can I offset my income with rental losses?
By rental losses, I mean that your rental expenses (after allocating between rental and personal expenses) exceed your rental income. You...
Dennis C. Carroll, Esq.
- Aug 3
- 1 min
How much tax will I owe when I sell my rental property?
When you sell your rental property, you will be taxed on any capital gains from the sale. Capital gains for this questions include the...
Dennis C. Carroll, Esq.
- Jul 20
- 1 min
Can I have a hand-written will like Aretha Franklin?
Yes, as long as it is in writing and signed by the person making the will and signed by two witnesses, Connecticut law will recognize the...
Dennis C. Carroll, Esq.
- Jul 20
- 1 min
What taxes do I owe when I wholesale real estate?
When you wholesale real estate you have contracted with a real estate owner to buy their property at a price, but this contract allows...
Dennis C. Carroll, Esq.
- Jul 12
- 1 min
Can I deduct expenses when my property is not rented?
If the property is available for rent (as in uninhabited), then, yes, you can deduct your ordinary and necessary expenses against your...
Dennis C. Carroll, Esq.
- Jul 11
- 1 min
How much tax will I owe when I flip a house?
Your tax will depend on several factors that determine if you are in the flipping business (as a dealer) or the investment business. ...
Dennis C. Carroll, Esq.
- Jul 10
- 2 min
Can I rent property to my family?
Yes, but the rent amount must be close to the fair market value ("FMV") for a property of a similar size, type, location, and condition. ...
Dennis C. Carroll, Esq.
- Jul 7
- 2 min
Should I put my rental property in an LLC?
The limited liability company will provide protection from contract based debt against personal assets of the owner of a single or...
Dennis C. Carroll, Esq.
- Jun 28
- 2 min
What can I expense against my rental income?
In general, you can deduct expenses that are ordinary and necessary to operating a residential rental property. However, expenses for...
Dennis C. Carroll, Esq.
- Jun 12
- 2 min
Are there benefits to gifting your home before you die?
If you own your home on the day of your death, or your life tenancy ends, then before the home can be sold to a third party, your estate...
Dennis C. Carroll, Esq.
- Sep 27, 2022
- 1 min
Do I have to file a Gift Tax Return?
Yes, any time you make a gift to someone in an amount larger than $17,000. You report the gift amount that is more than $17,000 on a gift...
Dennis C. Carroll, Esq.
- Sep 20, 2022
- 1 min
Do I owe income tax when I sell my house?
Maybe; if you bought it for almost nothing and it's value has increased a lot. If married, then you can exclude $500,000 of gains for the...
Dennis C. Carroll, Esq.
- Jul 8, 2022
- 2 min
Who should sell inherited property?
After an estate asset is approved by the local probate court to be distributed to estate beneficiaries, the asset’s cost basis becomes...
Dennis C. Carroll, Esq.
- Jun 14, 2021
- 1 min
Trust v. Will
The main difference between a trust and a will is that the will's instructions must be approved by a court before being carried out. ...
Dennis C. Carroll, Esq.
- Oct 20, 2020
- 1 min
How to save for retirement when I am not working?
If you're not working, and you're single, then you cannot contribution to a retirement account. However, if you're married, as long as...
Dennis C. Carroll, Esq.
- Feb 13, 2020
- 1 min
Do I have to report money I inherited on my income tax return?
No, but if you put that money into a bank account that earns interest then you'll report the interest income. If you stuff that money in...
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