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Recently Answered Questions
Because you acquired the home by a gift, your basis usually is the basis that your parents had in the home (what they paid for it, plus capital improvements they made over the years). It may be diffic...
You can use a Treasury Direct account to accept a tax refund and then use the funds to buy federal securities, including U.S. savings bonds. You must set up the account first so you can provide an acc...
U.S. citizens and residents must pay tax on their worldwide income. There is a limited exclusion for earned income (up to $103,900 in 2018), but there is no exclusion for gain on the sale of property ...
Yes. The IRS has indicated (https://www.irs.gov/pub/irs-wd/1228037.pdf) that all Medicare premiums are similar to other health insurance, and that this deduction rule extends to Medicare premiums for ...
There is no income averaging option for individuals (other than farmers and fishermen for their business income). However, you can make an election on how to determine the taxable portion of the lump-...
In order to add the cost of capital improvements (an addition on the home, a new furnace or roof) to your basis, you need documentation. If you don’t have receipts for your expenditures, try getting...
You can claim your child as a dependent, regardless of age, as long as you meet all of the requirements. For example, you child can’t have gross income in 2017 of more than $4,050 and you must furni...
The IRS ruled that bitcoins and other cryptocurrencies are property, not currency. As such, you determine gain or loss in the same was as any other type of property. Compare what you paid for the bitc...
A taxpayer who converted an IRA funded by deductible contributions to a Roth IRA in 2017 has until October 15, 2018, to undo it. This means recharacterizing the new account as a traditional IRA. Howev...
The Tax Cuts and Jobs Act of 2017 repealed the shared responsibility payment, which is a penalty for not having minimum essential health coverage (and not being exempt from this requirement). But the ...
Because you acquired the home by a gift, your basis usually is the basis that your parents had in the home (what they paid for it, plus capital improvements they made over the years). It may be diffic...
You can use a Treasury Direct account to accept a tax refund and then use the funds to buy federal securities, including U.S. savings bonds. You must set up the account first so you can provide an acc...
U.S. citizens and residents must pay tax on their worldwide income. There is a limited exclusion for earned income (up to $103,900 in 2018), but there is no exclusion for gain on the sale of property ...
Yes. The IRS has indicated (https://www.irs.gov/pub/irs-wd/1228037.pdf) that all Medicare premiums are similar to other health insurance, and that this deduction rule extends to Medicare premiums for ...
There is no income averaging option for individuals (other than farmers and fishermen for their business income). However, you can make an election on how to determine the taxable portion of the lump-...
In order to add the cost of capital improvements (an addition on the home, a new furnace or roof) to your basis, you need documentation. If you don’t have receipts for your expenditures, try getting...
You can claim your child as a dependent, regardless of age, as long as you meet all of the requirements. For example, you child can’t have gross income in 2017 of more than $4,050 and you must furni...
The IRS ruled that bitcoins and other cryptocurrencies are property, not currency. As such, you determine gain or loss in the same was as any other type of property. Compare what you paid for the bitc...
A taxpayer who converted an IRA funded by deductible contributions to a Roth IRA in 2017 has until October 15, 2018, to undo it. This means recharacterizing the new account as a traditional IRA. Howev...
The Tax Cuts and Jobs Act of 2017 repealed the shared responsibility payment, which is a penalty for not having minimum essential health coverage (and not being exempt from this requirement). But the ...
