We are located on the 3rd floor of the ParkPlace Building (corner of Broadway & Lake), 25 No. Lake St. Suite 300, Forest Lake, MN 55025.

2008 Tax Law Changes

1. Forgiveness of Debt limited to 2,000,000 on principal residence

2. Demutualization of Stock basis is now the FMV on date of stock received

3.Surviving Spouse now gets two years to use 500,000 gain exclusion

4.Exclusion of gain on principal residence now has qualifiers if 1031 or business use is involved.

5. New Standard deduction for Real Estates even if you do not itemize

6. Rental and Business loss can be "grouped" together if one is "substantial" to the other.

7. Hope and Life Time Learning Credits are doubled if child attends school in "disaster area"

8. Additional Stimulus Credit may be available on 2008 tax return if you did not get the full amount in 2007 (need amount received when preparing taxes).

9. Kiddie Tax now expanded up to age 24.

10. Capital Gains rate which was 5% in 2007 is now 0% in 2008

11. New First Time Home Buyers Credit of up to $7,500 is available (catch is you will have to pay it back over 15 years).

12. Mileage rate is 58.5 cents per mile in 2nd half of 2008. Drops to 55 cents per mile in 2009. Medical is 27.5 cents per mile and drops to 24 cents per mile in 2009.

13. New Bonus Depreciation but only on new equipment, but up to $250,000.