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Interest on federal savings bonds is taxable; the portion of the redemption representing principal (your initial cost for the bond) is not. If bonds (Series EE and I) are issued after 1989 and rede...
A child can be a parent's dependent if under age 24 and a full-time student who does not provide more than half of his/her support. A full-time student means the child is enrolled in school on a full-...
If you made a nonbusiness loan to someone and the loan is completely worthless, you can take a nonbusiness bad debt deduction. A nonbusiness bad debt is treated as a short-term capital loss. A busines...
It depends. Interest on a loan used for personal purposes is not deductible. Interest on a home equity loan, however, is deductible regardless of what you use the proceeds for. In order for a loan to ...
All interest income must be reported on Form 1040, unless there is a special rule that applies (such as interest on U.S. savings bonds redeemed for higher education costs). Thus, whether or not you re...
If you are at least 70-1/2 years old by the end of the year, you can make a direct transfer to a public charity up to $100,000. The portion transferred is not taxable, and it counts toward your requir...
Yes. Sick pay is treated as taxable compensation. It is reported to you on Form W-2....
Yes. Gain on the sale of your principal residence is tax free to the extent of your home sale exclusion. The basic exclusion of $250,000 ($500,000 on a joint return) applies only if you owned and used...
Legal fees paid by an estate are deductible by the estate for estate tax purposes. If you paid the fees out of your own pocket, the estate can reimburse you. If you don't seek reimbursement, you will ...
If your daughter will be under age 19 by the end of the year, you probably can claim a dependency exemption for her, even though she is on active duty and has gross income over the exemption amount ($...
Interest on federal savings bonds is taxable; the portion of the redemption representing principal (your initial cost for the bond) is not. If bonds (Series EE and I) are issued after 1989 and rede...
A child can be a parent's dependent if under age 24 and a full-time student who does not provide more than half of his/her support. A full-time student means the child is enrolled in school on a full-...
If you made a nonbusiness loan to someone and the loan is completely worthless, you can take a nonbusiness bad debt deduction. A nonbusiness bad debt is treated as a short-term capital loss. A busines...
It depends. Interest on a loan used for personal purposes is not deductible. Interest on a home equity loan, however, is deductible regardless of what you use the proceeds for. In order for a loan to ...
All interest income must be reported on Form 1040, unless there is a special rule that applies (such as interest on U.S. savings bonds redeemed for higher education costs). Thus, whether or not you re...
If you are at least 70-1/2 years old by the end of the year, you can make a direct transfer to a public charity up to $100,000. The portion transferred is not taxable, and it counts toward your requir...
Yes. Sick pay is treated as taxable compensation. It is reported to you on Form W-2....
Yes. Gain on the sale of your principal residence is tax free to the extent of your home sale exclusion. The basic exclusion of $250,000 ($500,000 on a joint return) applies only if you owned and used...
Legal fees paid by an estate are deductible by the estate for estate tax purposes. If you paid the fees out of your own pocket, the estate can reimburse you. If you don't seek reimbursement, you will ...
If your daughter will be under age 19 by the end of the year, you probably can claim a dependency exemption for her, even though she is on active duty and has gross income over the exemption amount ($...
