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To determine her loss, she needs to know her tax basis. When you give property, such as stock, the recipient's tax basis used for determining gain or loss is usually your basis. More specifically, sin...
It depends. First, you must itemize to do so. Then, you must choose to deduct state and local sales tax rather than state and local income taxes. If you make this choice, you can add the sales tax on ...
It is not clear if or how you can deduct the convenience fee. The IRS addressed the question of convenience fees in connection with the payment of federal taxes. While the IRS does not charge a fee fo...
It depends on your plan. Tax law allows plans to permit “in-service withdrawals” by those who are still employed at the company maintaining the plan. However, plans are not required to offer this ...
Yes, if you have a record of your driving. The rate for driving for medical purposes is 23 cents per mile in 2015 and 19 cents per mile in 2016....
The payment of pre-college tuition is not tax deductible. However, if you pay the tuition directly to the school, the payment is not subject to gift tax, regardless of the cost of tuition....
It depends on when the sale takes place. If you sell so that you will have used the home for at least two years within the five years before the sale, you will be able to take the exclusion. If it tak...
The cost of adaptive equipment for a medical condition is a deductible expense. However, you must itemize and your total medical costs must exceed your applicable threshold (10% of adjusted gross inco...
Yes. Even though you are required to start drawing down the account, you can continue to add to it through deductible contributions as long as you have net earnings from self-employment. However, you ...
Unfortunately, the tax law limits a medical expense itemized deduction for travel costs to the patient in most cases. The only exceptions: Travel to accompany a patient who is unable to travel on ...
To determine her loss, she needs to know her tax basis. When you give property, such as stock, the recipient's tax basis used for determining gain or loss is usually your basis. More specifically, sin...
It depends. First, you must itemize to do so. Then, you must choose to deduct state and local sales tax rather than state and local income taxes. If you make this choice, you can add the sales tax on ...
It is not clear if or how you can deduct the convenience fee. The IRS addressed the question of convenience fees in connection with the payment of federal taxes. While the IRS does not charge a fee fo...
It depends on your plan. Tax law allows plans to permit “in-service withdrawals” by those who are still employed at the company maintaining the plan. However, plans are not required to offer this ...
Yes, if you have a record of your driving. The rate for driving for medical purposes is 23 cents per mile in 2015 and 19 cents per mile in 2016....
The payment of pre-college tuition is not tax deductible. However, if you pay the tuition directly to the school, the payment is not subject to gift tax, regardless of the cost of tuition....
It depends on when the sale takes place. If you sell so that you will have used the home for at least two years within the five years before the sale, you will be able to take the exclusion. If it tak...
The cost of adaptive equipment for a medical condition is a deductible expense. However, you must itemize and your total medical costs must exceed your applicable threshold (10% of adjusted gross inco...
Yes. Even though you are required to start drawing down the account, you can continue to add to it through deductible contributions as long as you have net earnings from self-employment. However, you ...
Unfortunately, the tax law limits a medical expense itemized deduction for travel costs to the patient in most cases. The only exceptions: Travel to accompany a patient who is unable to travel on ...
