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Advanced- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
- I sold my residence at a loss. How do I report this on my tax return?
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Factoids
FACT:
The alternative minimum tax, which affected just 20,000 taxpayers in 1970, hit 4.1 million in 2007. If no legislative change is made, 26.8 million will owe this tax for 2008.
–Urban-Brookings Tax Policy Center
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