Barry Dolowich

Monterey, United States

Tax Columnist at The Monterey County Herald

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Articles

Barry Dolowich, Tax Tips: Short-term rentals for events

4 days ago | montereyherald.com | Barry Dolowich

Question: I have a home in Pebble Beach near the golf course. I was recently approached by a local real estate company to rent out my home during Concours week for $15,000. What are the tax consequences if I decide to take the money and rent my home? Answer: Good news! The Internal Revenue Code (Code Sec.
Barry Dolowich, Tax Tips: 2025 require minimum distribution of an IRA account

1 week ago | montereyherald.com | Barry Dolowich

Question: I am retired and turning 73 in 2025. My brokerage company just informed me by letter that I am required to take a distribution from my traditional IRA account. I do not need the money and do not want to pay more taxes. Is there any way I can avoid taking a distribution? Answer: For those who turn 73 in 2025 and are retired, required minimum distributions (RMD’s) must begin no later than April 1, 2026 (the calendar year following the calendar year in which you attain the age of 73).
Barry Dolowich, Tax Tips: The many roles of today’s CPA

2 weeks ago | montereyherald.com | Barry Dolowich

Question: I am about to open a new business partnership. My partner and I are debating whether it is necessary for us to hire a certified public accountant. Please explain the role of a CPA and the benefits they may offer. Answer: Most people view CPAs as strictly pencil pushing, tax return preparing, computerized automatons (I will not mention stereotypic descriptions such as boring, nerdy, cheap, necessary evil, etc., etc.).
Barry Dolowich, Tax Tips: Marriage penalty

3 weeks ago | montereyherald.com | Barry Dolowich

Question: My boyfriend and I have decided to get married within the next six months. We both work and make about the same amount of money. Friends have warned us about the “marriage penalty” when we file joint tax returns. Can you please explain what the “marriage penalty” means? What happens if we get married on Dec. 31? Answer: First off, your marital status for the ENTIRE year is determined by your marital status on Dec. 31. If you get married on Dec.
Barry Dolowich, Tax Tips: Limited liability companies

1 month ago | montereyherald.com | Barry Dolowich

State registered limited liability companies are a relatively new form of business entity. An LLC can be taxed as a partnership for federal income tax purposes, but its members (similar to partners), like corporate shareholders, are not personally liable for the entity’s liabilities and debts. Standard Digital $3 for 1 year Offer valid for non-subscribers only Originally Published: May 27, 2025 at 1:27 PM PDT
Barry Dolowich, Tax Tips: Donating your used cars

1 month ago | montereyherald.com | Barry Dolowich

Question: I am considering donating my late wife’s car to a charity versus selling it. Which way am I better off financially? The online Blue Book value of the car is $8,000 and I believe I can actually sell it for $7,000. What is my best economic decision? Answer: Under old tax law, you were entitled to an itemized deduction in an amount equal to the fair market value of the car on the date of the contribution.
Barry Dolowich, Tax Tips: Homesale gain exclusion

1 month ago | montereyherald.com | Barry Dolowich

Question: We have two Seaside residential rental houses in addition to our Monterey home. If we move into one of the rental properties and then sell the property after living in it for two years, can we take advantage of the $500,000 capital gain exclusion for a principal residence? Can we then do the same thing again and again? Are there limits? Can you please explain the rules?
Barry Dolowich, Tax Tips: Saver’s credit

1 month ago | montereyherald.com | Barry Dolowich

Barbara Intermill, On Nutrition: What is the Mediterranean diet, really?
Barry Dolowich, Tax Tips: Tax-free exchanges

2 months ago | montereyherald.com | Barry Dolowich

Question: We have a rental condo in San Jose and are considering a like-kind exchange for a rental property closer to home in Monterey. We would like to get a local “starter” house or condo for our grandson. What are the general rules for tax-free exchanges? Answer: Gains from exchanges of property are generally recognized […] Subscribe to continue reading this article. Originally Published: April 29, 2025 at 10:19 AM PDT
Barry Dolowich, Tax Tips: Offer in compromise

2 months ago | montereyherald.com | Barry Dolowich

Question: I have built up multiple years of tax debt and have been living in fear of liens and garnishments. Are the television ads true? Is there a way I can make a deal for a lesser amount so I can move on with my life? Answer: Utilizing Form 656, Offer in Compromise, you may be in a position to negotiate a settlement with the IRS.