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February 24, 2017 8:00 am

No. A taxpayer who has not reported interest annually but opted to defer it must take all of the accrued interest into income on the earlier of these events:When the bonds are cashed in When yo...

February 24, 2017 8:00 am

The total amount of itemized medical expenses that are deductible are entered on Schedule A of Form 1040. There is no separate form used to list the specific medical expenses. You do not have to attac...

February 10, 2017 9:00 am

It may be possible to claim a dependency exemption for a relative living in Mexico. While the niece cannot be a qualifying child because she does not live with you, the niece may be a qualifying relat...

February 10, 2017 9:00 am

You cannot deduct the interest that accrues on a reverse mortgage until it is actually paid, which doesn't happen until the mortgage is paid off in full. At that time, the mortgage interest usually is...

February 10, 2017 9:00 am

A vacation home is a capital asset. As such, gain is reported on Schedule D (after entering the transaction on Form 8949 in the space for long-term transactions not reported on Form 1099-B). If the sa...

January 27, 2017 9:00 am

Usually, a spin-off does not result in any gain or loss to a shareholder. A portion of the basis of the old stock is allocated to the new stock in the spin-off company. The IRS usually gives a ruling ...

January 27, 2017 9:00 am

The amount of premiums for a long-term care policy that are treated as a deductible medical expense if you itemize deductions is based on your age as of the end of the year. The fact that you paid a l...

January 27, 2017 9:00 am

When a taxpayer dies, the tax basis of the property is the value of the property on the date of death. As such, if property is sold for this date-of-death value, there is no gain or loss....

December 30, 2016 2:09 pm

Fellowship payments used for incidental expenses, including room and board, travel, and optional equipment are taxable. So too are amounts received for teaching, research, and other services required ...

December 30, 2016 2:04 pm

Charitable contributions are fully deductible for estate tax purposes. Unlike donations for income tax purposes, there are no adjusted gross income percentages or other limits.However, be sure to ...

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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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