Search Results

The average cost of one year of education (tuition, fees, room and board) is $13,589 for 2007–2008 at a public school for in-state students and $32,307 at a private school. Fortunately, your Un...

When a homeowner dies, heirs who inherit the residence get a stepped-up basis equal to the value of the residence on the date of date. The heirs do not pay tax on an inheritance; it’s tax free to th...

When a property owner receives a settlement from the government for taking his property under eminent domain, the settlement may be paid out over time, with interest on the installments. In one recent...

If the CD is in a tax-deferred or tax-free account, such as an IRA or Roth IRA, interest on the CD is not currently taxed; the rollover of the CD when it matures is not a taxable event. If the CD is i...

Group-term life insurance up to $50,000 of coverage is tax free to employees, former employees, and leased employees (there’s a $2,000 cap on coverage for spouse and dependents). Group-term life ins...

The Tax Season—the time in which to file your 2018 income tax return or ask for a filing extension and settle up on any taxes due—is underway. Some things are new this year, while others matters h...

Gifts are not deductible for income tax purposes, but may be exempt from gift taxes. For 2019 you can give up to $15,000 per recipient (same as for 2018) without being subject to gift tax. There is no...

An executive received a $500,000 interest-free loan from a company that hired her and had her relocate from Massachusetts to California. The money was meant to help her buy a home in the new location,...

Victims of disasters may receive goods and financial help from organizations, such as the Red Cross. IRS Commissioner Rettig confirmed that such payments are not taxable to recipients. Gifts from orga...

The IRS provides a wealth of preliminary tax data for tax year 2015 in the Spring 2017 Statistics of Income Bulletin (SOIB). The data is based on a sample of 257,083 individual income tax returns for ...