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July 22, 2019 3:26 am

Yes. If you have a health savings account (HSA), your contribution to a self-only plan is permissible up to set annual limits (in 2019 it’s $3,500, plus $1,000 if you’re age 55 or older by year en...

July 22, 2019 3:24 am

Fortunately, no. The amount of the benefits includible in gross income may be zero, somewhere between zero and 50%, or somewhere between 50% and 85%; 85% is the maximum taxable percentage. The exact a...

July 22, 2019 3:23 am

Gifts you make to people are not tax deductible. However, it’s good to know that the recipient of a gift is not subject to income tax on it, regardless of the size of the gift. If the gift is more t...

July 22, 2019 3:14 am

Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage. This is so even though you would not have been taxed on the health ...

July 22, 2019 3:11 am

The M&IE is broken down to breakfast, lunch, and dinner, plus incidental costs. The IRS hasn’t said whether you can use the M&IE rates for some meals and actual costs for others on the same ...

July 22, 2019 3:09 am

Alert the IRS, credit reporting bureaus, and other agencies that you have been a victim of identity theft. Determine whether this is a theft loss. Determine whether you can recover the funds. Unfortun...

June 16, 2019 9:33 pm

If, for example, you are a self-employed long-haul trucker, then you can deduct 80% of your meal costs while away from your tax home and subject to the Department of Transportation’s hours of servic...

June 16, 2019 9:31 pm

For 2018 through 2025, you cannot deduct investment fees. These fees are treated as miscellaneous itemized deductions subject to a 2% of adjusted gross income floor; these deductions have been suspend...

June 16, 2019 9:30 pm

The exclusion of up to $5,000 for death benefits no longer applies. It had applied only for employees who died before August 21, 1996. Only a death gratuity paid to a survivor of a member of the Armed...

May 6, 2019 9:51 pm

The deduction from gross income for tuition and fees expired at the end of 2017. As of the end of April 2019, it had not yet been extended for 2018 (or to 2019). Congress has indicated that it may sti...

Yes. If you have a health savings account (HSA), your contribution to a self-only plan is permissible up to set annual limits (in 2019 it’s $3,500, plus $1,000 if you’re age 55 or older by year en...

Fortunately, no. The amount of the benefits includible in gross income may be zero, somewhere between zero and 50%, or somewhere between 50% and 85%; 85% is the maximum taxable percentage. The exact a...

Gifts you make to people are not tax deductible. However, it’s good to know that the recipient of a gift is not subject to income tax on it, regardless of the size of the gift. If the gift is more t...

Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage. This is so even though you would not have been taxed on the health ...

The M&IE is broken down to breakfast, lunch, and dinner, plus incidental costs. The IRS hasn’t said whether you can use the M&IE rates for some meals and actual costs for others on the same ...

Alert the IRS, credit reporting bureaus, and other agencies that you have been a victim of identity theft. Determine whether this is a theft loss. Determine whether you can recover the funds. Unfortun...

If, for example, you are a self-employed long-haul trucker, then you can deduct 80% of your meal costs while away from your tax home and subject to the Department of Transportation’s hours of servic...

For 2018 through 2025, you cannot deduct investment fees. These fees are treated as miscellaneous itemized deductions subject to a 2% of adjusted gross income floor; these deductions have been suspend...

The exclusion of up to $5,000 for death benefits no longer applies. It had applied only for employees who died before August 21, 1996. Only a death gratuity paid to a survivor of a member of the Armed...

The deduction from gross income for tuition and fees expired at the end of 2017. As of the end of April 2019, it had not yet been extended for 2018 (or to 2019). Congress has indicated that it may sti...

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...

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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