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Category: Tax Law

The Dingeman & Dancer Blog consists of articles, news, and press releases written and edited by the attorneys and legal professionals at our firm, providing updates on both recent legal developments and established advice and guidance. Choose from the various topics listed in the sidebar menu to narrow in on a particular focus.

Recent Decision Upholds Homestead Exemption for Short-Term Rentals

Author: Dane Carey In Rentschler v Township of Melrose, No. 33633, the Michigan Court of Appeals ruled in favor of a homeowner who claimed he was entitled to a homestead exemption on property that he rented for more than 14 days in a year. Michigan’s Principal Residence Exemption (PRE), also referred to as the “homestead” exemption, exempts…

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2018 Changes for Federal Gift and Estate Tax Exemption

Author: Dane Carey The IRS announced that the federal gift and estate tax exemption, which increases annually with inflation, will be $5.6 million per individual in 2018 (or $11.2 million for a married couple), a $110,000 increase from the 2017 exemption level of $5.49 million. The increase also applies automatically to the generation-skipping transfer tax exemption. …

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Guide to Charitable Giving

Author: W. Dane Carey Continuing the upward trend, charitable giving in the United States increased to $373.25 billion in 2015 (2.1% of GDP). Over the past two years alone, total giving to charitable organizations has increased over 10%. This increase and the overall size of charitable contributions is a testament to the integral role charities play in our society,…

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Charitable IRA Rollovers

Author: Benjamin W. Bryant J.D., University of Michigan Law School What are two things that most retirement-aged individuals value? Charitable donations and tax breaks! Well, maybe not everyone shares the same enthusiasm for philanthropy and avoidance of the Internal Revenue Code, but for those of you who are interested in these exciting topics, it’s time…

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Second Chance for Manufacturers to File Personal Property Tax Exemptions

Gov. Rick Snyder recently signed legislation that gives Michigan manufacturers a second chance to file (or re-file—if denied) their annual personal property tax (PPT) exemptions. Manufacturers now have until May 31 to file their exemptions with their local assessing office. Under the changes to Michigan’s PPT laws approved by voters in 2014, manufacturers can potentially…

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New Law May Result in Tax Refunds for Michigan Home Sellers

Author: Daniel J. Dingeman This past year, the Michigan Supreme Court opened the door for many more Michigan homeowners to be eligible for a significant tax refund from the State of Michigan. In Gardner v. Department of Treasury, the Court reversed a lower court’s decision that the state real estate transfer tax exemption only applies…

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New Exemptions to Avoid Property Tax Uncapping

Author: W. Dane Carey A recent change in Michigan law offers important new planning opportunities for owners of cottages and other residential family property. The change has made it significantly easier to transfer residential real estate (including recreational lands) from one generation to the next without unfavorable tax consequences. Specifically, the recently enacted law provides new…

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