eNews Archive

Send Page To a Friend (If forwarding window does not appear, click here)

Issue: #8-3

October 2008

Welcome to BPBS eNews! If you are receiving it for the first time, we intend eNews to give information that will be useful to you, your colleagues, family, and friends. Pass it along.

Many of you responded to our discussion of estate planning in our last issue. But it often can be difficult to talk about with family members. It is easy to put off the discussion until later. A common reaction: no need, no time, too difficult.

Our economy has recently experienced significant turmoil. That makes proper estate planning even more important. Start with a small step. Review the list of basic documents you need in your estate plan. Click here to link to the list.

Then call and let us help you get started with some very basic documents that everyone needs - a living will and health care power of attorney.

Wind Damage Property Tax Reduction

Hurricane force winds that swept through the Cincinnati area in September damaged many homes. If your home was damaged, you can apply for a reduction of the valuation of your home. It could reduce your Ohio county real property taxes up to 50% for the reduced portion of your home's valuation due to the damage. December 31 is the deadline to file the application form with your County Auditor's Office. Click here to read more.

IRS Changes Capital Gain Exclusion on Home Sales Beginning January 1

Potential changes to federal tax laws under a new President are a hot topic this election season. But one serious change already has been made. If you are selling your home, the change could increase your federal income taxes. Under current tax law, you may exclude Capital Gains on the sale of your home up to $250,000 for taxpayers filing singly ($500,000 if filing jointly). That exclusion changes for any home sold after December 31. Click here to read more.

Tax Relief for Home Mortgage Debt Workouts

If you or someone you know is renegotiating the terms of a home mortgage loan or seeking a "short sale" with a lender, or did so in 2007 or later, the recent federal bailout package may provide some tax relief. Click here to read more.

The articles in eNews are intended only as general information. If you have questions about any of the topics, or another legal issue to discuss, please call your BPBS attorney at 513-721-1350, or send us a reply email.

As always, we'll welcome your feedback. If you have suggestions for future eNews topics, or have a problem viewing eNews or using our web site, let us know!

Sincerely,

Quick Links

BPBS Home Page

eNews Archive

Legal Topics