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May 30, 2018 11:40 pm

Not for self-employed individuals. For example, an independent contractor filing Schedule C can claim a home office deduction in 2018. However, employees who work from home cannot claim a home office ...

May 30, 2018 11:38 pm

Medicare beneficiaries with modified adjusted gross income (MAGI) over a set amount ($85,000 for single individuals and $170,000 for married persons filing jointly) pay an additional Part B and Part D...

May 21, 2018 11:15 pm

No. Deductions usually must be claimed for the year in which they were paid. There’s no provision in the tax law allowing a person to “save” deductions and use them in a subsequent year....

May 21, 2018 11:13 pm

Because you acquired the home by a gift, your basis usually is the basis that your parents had in the home (what they paid for it, plus capital improvements they made over the years). It may be diffic...

May 21, 2018 11:05 pm

You can use a Treasury Direct account to accept a tax refund and then use the funds to buy federal securities, including U.S. savings bonds. You must set up the account first so you can provide an acc...

April 26, 2018 9:54 pm

U.S. citizens and residents must pay tax on their worldwide income. There is a limited exclusion for earned income (up to $103,900 in 2018), but there is no exclusion for gain on the sale of property ...

April 26, 2018 9:51 pm

Yes. The IRS has indicated (https://www.irs.gov/pub/irs-wd/1228037.pdf) that all Medicare premiums are similar to other health insurance, and that this deduction rule extends to Medicare premiums for ...

April 26, 2018 9:50 pm

There is no income averaging option for individuals (other than farmers and fishermen for their business income). However, you can make an election on how to determine the taxable portion of the lump-...

March 23, 2018 2:05 am

In order to add the cost of capital improvements (an addition on the home, a new furnace or roof) to your basis, you need documentation. If you don’t have receipts for your expenditures, try getting...

March 23, 2018 2:03 am

You can claim your child as a dependent, regardless of age, as long as you meet all of the requirements. For example, you child can’t have gross income in 2017 of more than $4,050 and you must furni...

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