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Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

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Construction & Real Estate  |  High Net Worth Families

Section 1031 Like-Kind Exchanges Help Defer Capital Gains & Build Wealth

The like-kind exchange is one of the most money-savvy ways to defer capital gains taxes while building your long-term wealth. A 1031 exchange, which gets its name from Section 1031 of the Internal Revenue Code, can help you swap one investment property for another and defer capital gains taxes. These transactions are complicated, and they're riddled with rules that could make or break your investment. But they can be fruitful, as long as they are executed correctly. Let’s take a look at 1031 exchanges, how they work and their benefits.

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High Net Worth Families

Do You Have to Pay Tax on Student Loan Forgiveness?

Student loan forgiveness is getting substantial media attention, thanks to the Biden administration’s recent announcement that more than a half million borrowers will see their student debt balances wiped out automatically. This forgiveness cancels nearly $6 billion in federal student loans for 500,000+ former students of the now defunct Corinthian Colleges. All the recent chatter about student loan forgiveness, along with the mention of several exceptions, has many student loan borrowers wondering whether loan forgiveness is taxable.

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Business Valuation  |  High Net Worth Families

Estate Planning Lessons from a Rock Star

When rock star Prince died on April 21, 2016, he didn’t have a will in place. This rather shocking scenario resulted in one of the most complicated probate hearings ever seen in Minnesota, Prince’s home state. Business owners and high net worth families alike can learn from Prince’s mistake by having a proper estate plan in place to minimize tax liability.

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Construction & Real Estate  |  Government Contractors  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

Maryland Extends Deadline for Individual Income State Tax Returns to July 15, 2022

Yesterday, Maryland announced that the deadline for individual income state tax filings and payments will be extended from April 18, 2022 to July 15, 2022.

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High Net Worth Families

Cryptocurrency FAQs: Answers from an Investment Advisor and a Tax Accountant

We get a lot of questions from clients about cryptocurrency. Whether you’re new to the cryptocurrency scene or already own it but don’t know exactly what to do with it, it’s important to know the tax and investment ramifications of it. That’s why we asked two members of our team — Charlie Monroe of our tax department and Steve Hannigan of GGM Wealth Advisors — to answer some common questions about cryptocurrency from both a tax and investment perspective.

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Construction & Real Estate  |  High Net Worth Families

Tax Benefits of Donating Real Estate

Most people know the tax benefits of making charitable donations in the form of cash, stocks and non-cash (goodwill). But donating real estate is something you might not have considered as part of your charitable giving plan. This article describes three different ways to donate real estate, and the tax benefits and nuances associated with each.

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