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Usually, the IRS releases a list of scams early in the tax season to warn taxpayers of potential risks. This year, the list was released after the filing deadline (IR-2020-160). The list puts special ...

If you itemize your personal deductions, the portion of closing costs representing real estate taxes may be deductible. And points paid to obtain a mortgage may be deductible in full or have to be spr...

U.S. citizens are taxed on their worldwide income. They must figure gain or loss on the sale of foreign real property. If the foreign property is a residence, the home sale exclusion may apply. Note: ...

Generally, the value of a deceased individual's property is determined on the date of death. However, the person's estate can opt to use an alternate valuation date, which is 6 months after t...

A $1.72 trillion omnibus spending bill, which was signed into law on December 29, 2022, funds the federal government through the end of its 2023 fiscal year ending September 30, 2023. Tax-wise the cha...

If you have an outstanding demand loan with an interest rate that’s below the applicable federal rate (AFR), you have interest income if you’re the lender or interest expense if you’re the borro...

When things go bad, causing personal injury or even death, there often is monetary compensation from some source. Fortunately, the receipt of certain types of compensation arising from bad events is t...

The Affordable Care and Patient Protection Act of 2010 and the Health Care and Education Reconciliation Act of 2010 comprise the historic health care reform package that will overhaul health care in A...

Starting in 2010, millions of Americans previously barred from converting a traditional IRA to a Roth IRA because of the income limitation are now eligible to do so. The $100,000 modified adjusted gro...

Much attention is focused on federal income taxes. For many individuals, state income taxes also represent a substantial expenditure. For example, Hawaii has the highest state income tax rate of 11% o...