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The home sale exclusion lets you omit from gross income up to $250,000 of gain ($500,000 on a joint return), but only if you meet certain conditions: You must have owned and use the home as your p...
Income averaging is not available for reporting Social Security benefits. And you don’t amend returns for the years to which the lump-sum payments relate. Include a portion of benefits in the curren...
Depending on the cost of the vehicle and whether it’s new or pre-owned, you may not be able to claim to claim the full 20% depreciation allowance in the year placed the vehicle in service. For examp...
An income tax return must be filed for a decedent if his/her gross income for the year of death was over the filing threshold based on the person’s filing status at the time of death. A surviving sp...
If you rent out your home for no more than 14 days during the year, you don’t have to report any income, but you can’t claim any expenses other than itemized deductions allowed to all homeowners (...
It depends on the source of the reimbursement. If the school is reimbursing you for an overpayment because you received a scholarship or withdrew from a course, the payment isn’t taxable if it�...
In general the basic capital gain rate applies (see the previous question). However, if the stock is qualified small business stock (also referred to as Section 1202 stock) and you acquired the shares...
As a general rule, the tax rate on long-term capital gains is 15%, but it is 20% for those in the top tax bracket and zero for those in the 10% or 15% brackets. The gain is taken into account in figur...
Instead of deducting your actual meal costs, you can rely on a per diem rate to figure the cost of meals and incidental expenses (this assumes you’re not reimbursed for your meals). The per diem rat...
If you rely on the 100% safe harbor (basing your 2017 estimates on 100% of your 2016 tax liability), you do not have to make adjustments during the year for any changes in income. However, as a practi...
The home sale exclusion lets you omit from gross income up to $250,000 of gain ($500,000 on a joint return), but only if you meet certain conditions: You must have owned and use the home as your p...
Income averaging is not available for reporting Social Security benefits. And you don’t amend returns for the years to which the lump-sum payments relate. Include a portion of benefits in the curren...
Depending on the cost of the vehicle and whether it’s new or pre-owned, you may not be able to claim to claim the full 20% depreciation allowance in the year placed the vehicle in service. For examp...
An income tax return must be filed for a decedent if his/her gross income for the year of death was over the filing threshold based on the person’s filing status at the time of death. A surviving sp...
If you rent out your home for no more than 14 days during the year, you don’t have to report any income, but you can’t claim any expenses other than itemized deductions allowed to all homeowners (...
It depends on the source of the reimbursement. If the school is reimbursing you for an overpayment because you received a scholarship or withdrew from a course, the payment isn’t taxable if it�...
In general the basic capital gain rate applies (see the previous question). However, if the stock is qualified small business stock (also referred to as Section 1202 stock) and you acquired the shares...
As a general rule, the tax rate on long-term capital gains is 15%, but it is 20% for those in the top tax bracket and zero for those in the 10% or 15% brackets. The gain is taken into account in figur...
Instead of deducting your actual meal costs, you can rely on a per diem rate to figure the cost of meals and incidental expenses (this assumes you’re not reimbursed for your meals). The per diem rat...
If you rely on the 100% safe harbor (basing your 2017 estimates on 100% of your 2016 tax liability), you do not have to make adjustments during the year for any changes in income. However, as a practi...
