Life Events From The IRS

During the hectic tax season, I noted that the IRS has offered an interesting posting on their website, Within the thousands of pages of regulations, bulletins, forms and suggestions lay a hidden gem titled:
Life Events That May Have Tax Consequences for Seniors and Retirees.
Here is an abbreviated list from the IRS listing, and some of my thoughts, additions, and notations about the life events listed.
All of these events have not only “tax consequences” but also long term financial consequence.
Note: The ‘life event’ is in bold text followed by its tax considerations.

Retirement Planning
Choosing an IRA based retirement plan
Deciding when to take Social Security disbursements
Learning about available tax sheltered plans
Alternative Minimum Tax
Mutual Fund Distribution
Knowing the rules governing pensions and annuities

Job Loss
Tax Impact of Job Loss
Tax Impact of Unemployment
Medical Savings Accounts
Sale of Assets/Investments

Starting a New Career
Tax Withholding and Estimated Tax
Employee’s Withholding Allowance
Business Use of Your Home
Travel, Entertainment, Gift and Car Expenses
Self Employment

Persons With Disabilities
Credit for Elderly or Disabled
Taxpayers With Disabilities

Survivors, Executors and Administrators (tax rules governing)
Fiduciary Relationships (rules governing)
Claiming Refund That is Due To a Deceased Taxpayer

Tax Facts for Seniors with a Change in Marital Status (IRS bulletin)
Community Property
Tax Rules for Divorced or Separated Parents
Child Custody

Innocent Spouse Relief
Same Sex couples
Community Property

Disasters and Casualties
Basis of Assets (lost in a disaster)
Casualties, Disaster and Theft tax issues

My own listing of “life events” would also include:

Selling/Buying a Home
Moving Expenses
First Time Homeowners
Expenses of Selling a Home

Selling/Transferring a Business

Relocating Internationally

Sale/Transfer of Income Property

If you are facing a “life event” and need advice, give me a call.

Working to Preserve Your Wealth and Protect Your Future in a Constantly Changing World.

This post has been brought to you through the Law Office of Barbara Ann Dalvano. This information is provided for educational purposes only and to generate ideas, provoke thought and facilitate conversation. It is not intended to create an attorney-client relationship. Each person’s situation is different and this information should not and cannot be relied upon as legal, tax, accounting or investment advice. Please read the entire disclaimer for more important information.

Barbara Ann Dalvano, Esq.
Phone and Text Message: (719) 963-2933
Email Address:

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About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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