Ask JK

Need an important question answered?

Submit it and a J.K. Lasser Tax Expert may answer your question online.

  • Do you want to sign up to receive the J.K. Lasser Alert newsletter?
FIND ANSWERS

Recently Answered Questions

 

November 19, 2018 10:18 pm

No. Income averaging is limited to certain lump-sum distributions from qualified retirement plans. There is no income averaging for IRA distributions or income resulting from a Roth IRA conversion....

November 8, 2018 1:55 am

While casualty losses to personal use property in 2018 are not deductible unless the property is located in a federally-declared disaster area, this rule does not apply to investment property. If you ...

November 8, 2018 1:52 am

While annual contributions to Roth IRAs can be made up to the due date of the return (e.g., April 15, 2019, for 2018 contributions), a Roth IRA conversion is taxable in the year it is made. So if you ...

November 8, 2018 1:50 am

If you itemize deductions instead of claiming the standard deduction, you may be eligible for an itemized medical deduction with respect to treatment for your child’s condition. Depending on the sev...

September 26, 2018 10:03 pm

The age of the vehicle does not determine whether you can claim the standard mileage rate. For 2018, you must be self-employed to claim deductions for business driving. And you must choose to use the ...

September 26, 2018 10:02 pm

The Tax Cuts and Jobs Act ended the individual mandate starting in 2019. So for 2018, you’ll be penalized unless you have minimum essential health coverage or qualify for an exemption from coverage....

September 26, 2018 10:00 pm

A government’s exercise of eminent domain is really a condemnation where private property is legally taken for public use. Gain (or loss) from the event is the difference between the award you recei...

July 22, 2018 10:59 pm

Instead of depreciating certain expenditures, you may be able to use an IRS-created de minimis safe harbor to deduct these costs (up to $2,500 per item or invoice). You can find more about the safe ha...

July 22, 2018 10:57 pm

Even though you are under age 59½, you won’t be penalized for an IRA distribution used to pay medical expenses in excess of 7.5% of adjusted gross income in 2017 or 2018. The AGI threshold is set t...

July 22, 2018 10:55 pm

You have three years from the due date of the tax return to file for a refund. So you must file a 2015 return no later than April 15, 2019, to claim the refund. You can find prior year tax forms from ...

Page 10 of 38« First...89101112...2030...Last »

Mortgage insurance paid in 2013 can be deductible as mortgage interest (the deduction is scheduled to expire at the end of this year). However, income limits apply to limit or prevent a deduction....

No, unless your disability is blindness. This is the only condition for which an additional personal exemption can be claimed on a federal income tax return. However, if your income is very modest and...

It’s not clear. The IRS has not issued any official guidance on this very common question as yet. The law says that the policy must be established, or considered to be established, under her busines...

In 2013, the AGI floor for someone under age 65 is 10% of AGI. The 7.5% floor applies to those 65 or older. Since it is you, and not your mom, who is taking the deduction, you must use the 10%-of-AGI ...

If you sell before or after you marry and the sales take place in the year of your wedding, on a joint return you can each use the $250,000 home exclusion. However, if either excludes less than $250,0...

No. An inheritance, regardless of amount, is tax free to the heir. It does not matter whether the person who died was a U.S. citizen or a foreign national....

The inheritance is fully tax free, regardless of amount. You do not have to report the inheritance on an income tax return or any other form....

Contributions to an HSA are deductible from gross income (page 1 of Form 1040) even if you don’t itemize other deductions. You must file Form 8889 with your return if you had any activity in the acc...

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 ...

Leasehold improvements made by either the lessor or lessee pursuant to a lease qualify for special tax treatment if placed in service (i.e., the work is completed) before the end of this year and cert...

Page 10 of 11« First...7891011

Mortgage insurance paid in 2013 can be deductible as mortgage interest (the deduction is scheduled to expire at the end of this year). However, income limits apply to limit or prevent a deduction....

No, unless your disability is blindness. This is the only condition for which an additional personal exemption can be claimed on a federal income tax return. However, if your income is very modest and...

It’s not clear. The IRS has not issued any official guidance on this very common question as yet. The law says that the policy must be established, or considered to be established, under her busines...

In 2013, the AGI floor for someone under age 65 is 10% of AGI. The 7.5% floor applies to those 65 or older. Since it is you, and not your mom, who is taking the deduction, you must use the 10%-of-AGI ...

You can take distributions from your IRA to satisfy required minimum distributions (RMDs) in cash or in kind, meaning in stock. The option you use depends on what’s in your account and what you want...

No. An inheritance, regardless of amount, is tax free to the heir. It does not matter whether the person who died was a U.S. citizen or a foreign national....

The inheritance is fully tax free, regardless of amount. You do not have to report the inheritance on an income tax return or any other form....

Yes, if the credit card borrowing is for consumer purchases. There is no exemption from cancellation of debt (COD) income for personal borrowing other than a home mortgage if forgiveness is completed ...

Contributions to an HSA are deductible from gross income (page 1 of Form 1040) even if you don’t itemize other deductions. You must file Form 8889 with your return if you had any activity in the acc...

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 ...

Page 10 of 11« First...7891011

No. An inheritance, regardless of amount, is tax free to the heir. It does not matter whether the person who died was a U.S. citizen or a foreign national....

The inheritance is fully tax free, regardless of amount. You do not have to report the inheritance on an income tax return or any other form....

Yes, if the credit card borrowing is for consumer purchases. There is no exemption from cancellation of debt (COD) income for personal borrowing other than a home mortgage if forgiveness is completed ...

Contributions to an HSA are deductible from gross income (page 1 of Form 1040) even if you don’t itemize other deductions. You must file Form 8889 with your return if you had any activity in the acc...

No. CDD fees are imposed by a developer to finance the cost of amenities within a community. HOA fees are imposed by the association. These fees are not treated as taxes even though they relate to you...

Because you are not at least 65 years old by the end of the year, you apply the 10% threshold to all of your itemized medical costs (which include costs related to your mother). If she claimed them on...

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...

Because you receive a stepped-up basis for the home (equal to its value on the date of your mother’s death), you may have no gain from the sale if it occurs soon. If you sell it for less than this b...

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...

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...

Page 10 of 11« First...7891011
advertisement