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May 5, 2017 8:45 am

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 ...

April 21, 2017 8:56 am

If the replacement doors constitute an energy-saving improvement, you may qualify for a tax credit (not a deduction) of up to $500. This dollar limit is lifetime, so if you've already used up the full...

April 21, 2017 8:49 am

Sorry for your loss, but unfortunately, funeral expenses cannot be claimed as an income tax deduction. If the value of your husband's estate was large enough to require the filing of a federal estate ...

April 21, 2017 8:48 am

If the distribution is a qualified charitable distribution (QCD), enter the total distribution on line 15a of Form 1040. Then, if the total amount distributed is a QCD, enter -0- on line 15b. If only ...

April 7, 2017 8:42 am

Gambling losses (referred to as wagering losses) are deductible only to the extent of gambling winnings. However, the deduction for these losses is not one of the enumerated deductions that can be cla...

April 7, 2017 8:39 am

Roth IRA contributions must be based on earnings as an employee or from self-employment. Executor fees, while included in gross income, are not treated as self-employment income for someone who is not...

April 7, 2017 8:36 am

No. Opting to claim the standard deduction is in lieu of any itemized deductions. The five-year carryover for charitable contributions applies only to amounts that were claimed as itemized deductions ...

March 24, 2017 8:41 am

The Home Affordable Foreclosure Alternatives (HAFA) Program is a federal program to help distressed homeowners retain their homes. Payments received under the program usually are not taxable. They are...

March 24, 2017 8:38 am

Usually, a distribution from a qualified retirement plan is treated as ordinary income in the year in which it is received. However, for someone born before 1936, there is a special 10-year averaging ...

March 24, 2017 8:32 am

You can claim a theft loss if this scam amounts to a theft under state law. Usually, the taking of money through fraud or misrepresentation constitutes a theft loss. If so, then you must itemize deduc...

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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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