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Usually, a spin-off does not result in any gain or loss to a shareholder. A portion of the basis of the old stock is allocated to the new stock in the spin-off company. The IRS usually gives a ruling ...

A home office deduction can be claimed only if space is used regularly and exclusively for business. But can a taxpayer who has two businesses claim a home office deduction for the same space? In a...

Distributions from an account in a 529 plan to pay qualified higher education costs of the account's beneficiary are not taxable. However, distributions for any other reason are taxable unless there i...

Taxpayers who adopt children may qualify for a federal tax credit to cover their adoption expenses. The adoption credit in 2013 is up to $12,970. The full credit amount can be claimed for special need...

Some tax deadlines are carved in stone, but others may be written in pencil and can be changed under the right circumstances. If you need more time to file your 2013 income tax return, all you have to...

When you receive a distribution from a qualified retirement plan or IRA, you have 60 days from receipt to deposit the funds into another qualified retirement plan or IRA. If you don’t, you will be t...

Reminder to tax return preparers: obtain or renew your PTIN for the 2018 filing season (IR-2017-180, 10/26/17). PTINs obtained for 2017 expire on December 31, 2017. There is no annual fee for the PTIN...

It’s an old saying that timing is everything and that’s what some taxpayers learned in a recent case. A business owner wanted to retire and dispose of his stock in his family’s closely-held corp...

A new law designed to aid the ailing housing market and prevent foreclosures for 400,000 homeowners became effective on July 30 when President Bush signed the Housing Assistance Act of 2008. The new ...

One way to pay outstanding federal income taxes is to charge them to a major credit/debit card. The IRS does not charge a fee for this payment option. There are two authorized processors that handle t...