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Contact:
Nina McCann
Director of Public Relations
Forchelli, Curto, Deegan, Schwartz, Mineo, Cohn & Terrana, LLP
516-248-1700
nmccann@ForchelliLaw.com
Terence E. Smolev Featured in Newsday’s “Ask
the Expert” Column
“Ask the Expert” by Ronald E. Roel
4/25/09
Mineola, April 25, 2009 – Terence E. Smolev,
partner-in-charge of the Firm’s Tax, Trusts, and
Estates Department, was featured in the latest “Ask
the Expert” column in Newsday offering
expert advice to readers regarding how to handle a loss
on income tax returns for an inherited property that is
sold.
Responding to the inquiry about loss on
an inherited house, Mr. Smolev explains, “Have an appraiser complete
an appraisal of your mother’s property as of her
date of death. The appraiser will look at the value
of comparable properties at that time to give you the value
for your “cost basis” in determining
gain or loss upon sale. In your case, a loss will exist
if your mother’s house was sold for less than its
date-of-death value. However, losses on personal residences
or property not held for investment are not generally
deductible on income tax returns, unless you can demonstrate
that the house was being used for income-producing or investment
purposes.”
Mr. Smolev is partner-in-charge of the Firm’s
Tax, Trusts and Estates Department and concentrates his
practice on all aspects of tax, corporate, estates, trusts
and elder law. He has edited tax-related professional texts,
authored articles for The New York Law Journal and
has served as an expert source for a number of Newsday articles.
Mr. Smolev is a member of the New York City Police Museum
Board of Trustees and serves as Vice President and Trustee
on its Executive Board. He is also a member of the
Long Island Cabinet for Israeli Bonds, the Nassau County
Comptroller’s Audit Advisory Committee, the North
Shore-LIJ Health System Foundation Professional Advisor’s
Committee and a Board member of the Gurwin Jewish Geriatric
Foundation. He is a past President of the Pickett Farm
Homeowners Association and has served on the Hofstra University
Board of Trustees. Mr. Smolev was featured in the Long
Island Business News’ listing of “Who’s
Who in Tax Law” (2006).
Founded in 1976,
Forchelli, Curto, Deegan, Schwartz, Mineo, Cohn & Terrana, LLP is one of Long Island's most acclaimed and distinguished
law firms. With offices in Mineola and Melville, NY,
the firm is conveniently located for clients in Nassau
and Suffolk. The Firm employs over 50 attorneys who
provide counsel to a broad range of clients, including
national, regional and local businesses, major real estate
developers and organizations, banks, insurance companies,
municipalities, educational institutions, and individuals
from all walks of life. Personal attention and quality
representation that is both practical and cost-effective
are hallmarks of the firm's policy toward clients.
For more information, please pick up the latest issue of Newsday or visit
www.newsday.com
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