2001 — NEW MILLENIUM CHANGES
IN THE TAX LAW
2001
tax law changes in a nutshell.
TAX CONSIDERATIONS IN CONNECTION
WITH DIVORCE AND SEPARATION
This
outline sets forth many but not all of the very complex rules that apply
to divorcing couples. It is intended for application in Texas, a community
property state.
TAX
BENEFITS OF HOME OWNERSHIP
Outline
of tax benefits concerning Mortgage Interest, Real Estate Taxes, Sale
of a Home, and Early Distributions from IRA's to Buy New Home.
FIVE-YEAR ASSETS YIELD NEW
18% CAPITAL GAINS RATE
Effective
for assets acquired on or after January 1, 2001, a new maximum capital
gains rate of 18% applies to capital assts held 5 years or more prior
to sale ...
TAX WRITE OFF OF COMPUTER
SOFTWARE COSTS
There
are varying rules for the tax write off of computer software costs depending
on whether the software is purchased, leased, internally developed,
or acquired as part of a larger business acquisition.
