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Currently the basis of inherited property is stepped up to the value on the date of the owner’s death (“stepped-up basis rule”). What the owner paid for it or any depreciation that may have been...
The IRA owner cannot put his/her IRA into a trust; only an individual can own an IRA. However, the IRA owner can name a trust as beneficiary of the IRA so that funds pass into the trust when the IRA o...
When the grantor of a grantor (living) trust dies, the trust becomes irrevocable. This means that any income earned by the trust after the date of death is reported by the trust on Form 1041. Likely t...
When property is transferred from a living (revocable) trust to a beneficiary on the death of the grantor, the beneficiary receives a stepped-up basis. Any appreciation after the grantor’s death is ...
No. Supplemental Security Income (SSI) is excludable from gross income. However, for purposes of claiming a dependency exemption, you have to take government benefits into account in determining suppo...
Workers’ compensation premiums are deductible by a self-employed individual. There is no dollar limit or other restriction on this write-off....
Only a surviving spouse who rolls over an inherited Roth IRA can treat the account as his/her own and make contributions to it. A non-spouse beneficiary who wants to contribute to a Roth IRA must set ...
While the interest is not subject to income tax, it must be reported on your federal income tax return. If you collect Social Security benefits, the interest is taken into account in determining wheth...
Because you are married, you cannot be treated as single. You can file a joint return, or you can opt to file as "married filing separately." However, if spouses live apart and meet certain tests, one...
The American opportunity and lifetime learning credits apply only for qualified expenses required for an enrollment at an "eligible education institution." This is a school eligible to participate in ...
Currently the basis of inherited property is stepped up to the value on the date of the owner’s death (“stepped-up basis rule”). What the owner paid for it or any depreciation that may have been...
The IRA owner cannot put his/her IRA into a trust; only an individual can own an IRA. However, the IRA owner can name a trust as beneficiary of the IRA so that funds pass into the trust when the IRA o...
When the grantor of a grantor (living) trust dies, the trust becomes irrevocable. This means that any income earned by the trust after the date of death is reported by the trust on Form 1041. Likely t...
When property is transferred from a living (revocable) trust to a beneficiary on the death of the grantor, the beneficiary receives a stepped-up basis. Any appreciation after the grantor’s death is ...
No. Supplemental Security Income (SSI) is excludable from gross income. However, for purposes of claiming a dependency exemption, you have to take government benefits into account in determining suppo...
Workers’ compensation premiums are deductible by a self-employed individual. There is no dollar limit or other restriction on this write-off....
Only a surviving spouse who rolls over an inherited Roth IRA can treat the account as his/her own and make contributions to it. A non-spouse beneficiary who wants to contribute to a Roth IRA must set ...
While the interest is not subject to income tax, it must be reported on your federal income tax return. If you collect Social Security benefits, the interest is taken into account in determining wheth...
Because you are married, you cannot be treated as single. You can file a joint return, or you can opt to file as "married filing separately." However, if spouses live apart and meet certain tests, one...
The American opportunity and lifetime learning credits apply only for qualified expenses required for an enrollment at an "eligible education institution." This is a school eligible to participate in ...
