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Yes. As part of the PATH Act, signed into law on December 18, 2015, the tax-free treatment applies to transfers from IRAs to public charities up to $100,000 per year by those age 70-1/2 and older appl...
Generally, all income earned in an IRA account is not currently taxable. The income is tax deferred and, regardless of the source of the income, is reported as ordinary income when distributions are t...
No, there is no netting or income averaging for capital gains and losses that occurred in different years. You must report last year's gain, which can only be offset by last year's capital losses, plu...
This is a perennial tax question. Usually filing jointly saves a couple taxes. And joint filing is required in order to use certain tax breaks. However, there are instances where filing separately mak...
Gain on the sale of Section 1202 stock, which is qualified small business stock, is not fully taxable. This is because there's an exclusion of gain for stock held more than five years. Assuming you sa...
A second home that you used for personal purposes (i.e., not as a rental property) is a personal asset. As such, loss on the sale of a second home is not tax deductible. However, if you received Form ...
There are various strategies that can be used by someone with a job to avoid paying estimated taxes with respect to income not subject to withholding. Some strategies include: Increasing withholdi...
Yes. Making the conversion requires you to report all the income in the account, so determine whether you want or can afford to do this. You can opt to convert only a portion of the account....
Because your income is too high, your contribution is treated as an excess contribution subject to a 6% penalty. The 6% penalty applies each year unless you take corrective action. You can withdraw th...
You can deduct the unpaid principal if you can show that the debt is fully worthless. The fact that the borrower filed for bankruptcy does not automatically establish worthlessness. However, even if y...
Yes. As part of the PATH Act, signed into law on December 18, 2015, the tax-free treatment applies to transfers from IRAs to public charities up to $100,000 per year by those age 70-1/2 and older appl...
Generally, all income earned in an IRA account is not currently taxable. The income is tax deferred and, regardless of the source of the income, is reported as ordinary income when distributions are t...
No, there is no netting or income averaging for capital gains and losses that occurred in different years. You must report last year's gain, which can only be offset by last year's capital losses, plu...
This is a perennial tax question. Usually filing jointly saves a couple taxes. And joint filing is required in order to use certain tax breaks. However, there are instances where filing separately mak...
Gain on the sale of Section 1202 stock, which is qualified small business stock, is not fully taxable. This is because there's an exclusion of gain for stock held more than five years. Assuming you sa...
A second home that you used for personal purposes (i.e., not as a rental property) is a personal asset. As such, loss on the sale of a second home is not tax deductible. However, if you received Form ...
There are various strategies that can be used by someone with a job to avoid paying estimated taxes with respect to income not subject to withholding. Some strategies include: Increasing withholdi...
Yes. Making the conversion requires you to report all the income in the account, so determine whether you want or can afford to do this. You can opt to convert only a portion of the account....
Because your income is too high, your contribution is treated as an excess contribution subject to a 6% penalty. The 6% penalty applies each year unless you take corrective action. You can withdraw th...
You can deduct the unpaid principal if you can show that the debt is fully worthless. The fact that the borrower filed for bankruptcy does not automatically establish worthlessness. However, even if y...
