| Changes for 2010 Roth Conversions For 2010 there is no income limitation on conversion of traditional IRAs to Roth IRAs. Auto Mileage Rates 50.0 cents per mile for business First-Time Homebuyers The 2010 credit for first-time homebuyers is $8,000($6,500 for buyers that qualify as "long-time residents). The maximum credit is reduced by one-half for married individuals filing separate returns. The credit is only available for purchases before May 1, 2010 (July 1, 2010 if the taxpayer has entered into a binding contract before May 1, 2010). No credit is allowed for a purchase that exceeds $800,000. A "long-time resident" is someone (including spouse if married) who has owned the same principal residence for any 5 consecutive years during the 8-year period ending on the date of purchase of a subsequent principal residence. Annual Gift Tax Exemption For 2010 the annual gift exemption is $13,000 per individual. Business Asset Expensing For 2010 the maximum amount of eligible personal property purchased during the year and used in the active conduct of a trade or business that can be expensed is $134,000. This limit is reduced when more than $530,000 of property (excluding real estate) is placed into service.
Weismann & Company, P.C. Phone: (972) 404-0608 E-mail Addresses: |
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