Taxable Income And Capital Gains

Cushing & Dolan, P.C., was established in 1984 by Leo J. Cushing, Esq., CPA, LL.M., focusing on income tax and estate tax matters. Leo's goal was to provide the highest quality of legal services at a reasonable cost by drawing on his experience as a Big Eight tax attorney and criminal tax prosecutor with the Massachusetts Attorney General's Office.

Let us help you with all issues related to your taxable income capital gains and your estate plan needs. Our team provides skilled and strategic estate planning and tax planning services to clients throughout Boston and the rest of the country. Many of the experienced tax attorneys of Cushing & Dolan, P.C., are also CPAs or hold LL.M. degrees in taxation. This experience enables us to consider the tax consequences of probate, succession, gifting, real estate transfers and business transactions in a way that most estate planners and general practice lawyers cannot.

Contact us today to speak with one of our lawyers during a free consultation about your needs.

Planning For Massachusetts Estate Taxes Will Affect Your Family's Inheritance

We can help you assess how your taxable income and capital gains will be affected by your choice of estate plan. For instance, when an asset is sold for more than it was purchased for, capital gains taxes of up to 50 percent are applied. These taxes are calculated differently for gifts and inheritances. As you are gift planning or creating an estate plan, it is important to consider the effects those capital gains taxes could have on your loved ones.

If you give your property away during your lifetime, the date you purchased the property will be used to calculate the property's cost basis. When the recipient of your gift later sells the property, he or she must pay capital gains taxes on the increase or decrease in value realized since you purchased the property. We can help him or her realize this expense.

If you leave your assets to your loved one through an inheritance, the date of your death determines the asset's cost basis, which is called a step up. When selling inherited assets, a beneficiary will only pay capital gains taxes on any profits or losses realized after your death.

Determining the best strategy to minimize capital gains taxes is not a do-it-yourself project. Our Boston tax planning lawyers will help you determine the tax basis for your assets and whether giving your assets away during life or after death is the best option for you.

Get Your Questions Answered In A Free Initial Consultation

For more information, see articles written by our attorneys, or feel free to e-mail or call our firm toll free at 888-759-5109 to arrange a free consultation at any of our offices in Boston, Waltham, Westborough, Norwood, Woburn and Braintree.