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For 2018 through 2025, you cannot deduct investment fees. These fees are treated as miscellaneous itemized deductions subject to a 2% of adjusted gross income floor; these deductions have been suspend...
The exclusion of up to $5,000 for death benefits no longer applies. It had applied only for employees who died before August 21, 1996. Only a death gratuity paid to a survivor of a member of the Armed...
The deduction from gross income for tuition and fees expired at the end of 2017. As of the end of April 2019, it had not yet been extended for 2018 (or to 2019). Congress has indicated that it may sti...
Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage....
For depreciation purposes, the basis is the lower of your actual basis (generally cost, plus capital improvements), or the property’s fair market value on the date of its conversion to rental proper...
Gifts are not deductible for income tax purposes, but may be exempt from gift taxes. For 2019 you can give up to $15,000 per recipient (same as for 2018) without being subject to gift tax. There is no...
If you itemize deductions (instead of claiming the standard deduction) and opt to deduct state and local sales taxes instead of state and local income taxes, you can treat taxes paid on a big ticket i...
The IRS treats bitcoin and other cryptocurrency transactions as property and not as currency. As such, you must figure gain on the transaction in the same way as with any other type of property. The I...
Retired public safety officers can elect to exclude from gross income up to $3,000 of distributions from qualified retirement plans that are used for qualified insurance premiums (this is NOT a tax cr...
For 2018 through 2025, the miscellaneous itemized deduction for investment-related costs is not deductible. Before 2018, these amounts were subject to the 2%-of-adjusted-gross-income floor. After 2026...
For 2018 through 2025, you cannot deduct investment fees. These fees are treated as miscellaneous itemized deductions subject to a 2% of adjusted gross income floor; these deductions have been suspend...
The exclusion of up to $5,000 for death benefits no longer applies. It had applied only for employees who died before August 21, 1996. Only a death gratuity paid to a survivor of a member of the Armed...
The deduction from gross income for tuition and fees expired at the end of 2017. As of the end of April 2019, it had not yet been extended for 2018 (or to 2019). Congress has indicated that it may sti...
Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage....
For depreciation purposes, the basis is the lower of your actual basis (generally cost, plus capital improvements), or the property’s fair market value on the date of its conversion to rental proper...
Gifts are not deductible for income tax purposes, but may be exempt from gift taxes. For 2019 you can give up to $15,000 per recipient (same as for 2018) without being subject to gift tax. There is no...
If you itemize deductions (instead of claiming the standard deduction) and opt to deduct state and local sales taxes instead of state and local income taxes, you can treat taxes paid on a big ticket i...
The IRS treats bitcoin and other cryptocurrency transactions as property and not as currency. As such, you must figure gain on the transaction in the same way as with any other type of property. The I...
Retired public safety officers can elect to exclude from gross income up to $3,000 of distributions from qualified retirement plans that are used for qualified insurance premiums (this is NOT a tax cr...
For 2018 through 2025, the miscellaneous itemized deduction for investment-related costs is not deductible. Before 2018, these amounts were subject to the 2%-of-adjusted-gross-income floor. After 2026...
