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Homeowners who claimed the first-time homebuyer credit in 2008 are subject to an annual repayment of 1/15th of the credit until it has been fully repaid to Uncle Sam. The credit effectively was an int...

The IRS released IRS2Go 2.0, which is an expanded version of its smartphone application. The new app works on both the iPhone and Android platforms. It enables taxpayers to check the status of their f...

It’s not easy to turn a foreign trip into a tax deduction. Just ask one taxpayer who tried to justify his travel costs as “research” for his writing activities. He was born in France but became ...

No. Inheritances of any amount from decedents in any location are fully tax free. However, if an inheritance is considered to be “income in respect of a decedent,” which is income earned by the de...

Roth IRAs are designed for retirement savings. While contributions are not tax deductible, withdrawals of earnings after age 591/2 are tax free as long as the account has been open for at least 5 year...

No. The deadline for 2012 contributions was April 15, 2013, regardless of filing extensions. However, you can make a 2013 contribution now; you don’t have to wait until the end of the year or even u...

As a result of the federal government’s sequester (budgetary constraints), the IRS will be closed on May 24, June 14, July 5, July 22, and August 30. This means that all of its toll-free hotlines an...

It depends. If you qualify for the home sale exclusion, then gain up to $250,000 ($500,000 on a joint return) is tax free; there is no capital gain. If your gain excludes your applicable exclusion amo...

While interest on municipal bonds is tax free for federal income tax purposes, gain or loss on the sale of the bonds must be reported. The loss is treated as a capital loss, which is deductible within...

While life insurance proceeds received on the death of the insured are tax free, you may owe taxes when you cash in the policy early. What’s taxable: the excess of the cash surrender value over the ...