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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 ...

July 22, 2018 10:46 pm

To catch up on missed depreciation, you must make a change in accounting method. However, this is an automatic change; you don’t need IRS approval but do have to follow procedures. Details on how to...

July 22, 2018 10:43 pm

State estimated taxes are deducted as itemized deductions for the year in which they are paid. For example, 2017 state estimated income taxes paid on April 18, 2017, June 15, 2017, and September 15, 2...

July 22, 2018 10:40 pm

Employee contributions to 401(k) plans are done on an annual basis. There is no period after the end of the year to complete contributions. So unlike IRA contributions that can be made up to the filin...

June 18, 2018 10:54 pm

Legal fees paid in connection with certain whistleblower awards are deductible from gross income; no itemizing is required. One such deductible award is a “Section b” award (which is a mandatory a...

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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...

For income tax purposes, you cannot take a deduction for this payment and your son is not taxable on it (it’s a gift to him). For gift tax purposes, the first $14,000 is excluded ($28,000 if your sp...

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...

Whether the tax refund is taxable to you depends on whether you itemized deductions in the year you paid the property tax or relied on the standard deduction. If you took the standard deduction, the r...

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...

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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...

For income tax purposes, you cannot take a deduction for this payment and your son is not taxable on it (it’s a gift to him). For gift tax purposes, the first $14,000 is excluded ($28,000 if your sp...

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...

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...

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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...

Whether the tax refund is taxable to you depends on whether you itemized deductions in the year you paid the property tax or relied on the standard deduction. If you took the standard deduction, the r...

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...

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