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February 25, 2018 9:00 pm

The IRS ruled that bitcoins and other cryptocurrencies are property, not currency. As such, you determine gain or loss in the same was as any other type of property. Compare what you paid for the bitc...

February 25, 2018 8:59 pm

A taxpayer who converted an IRA funded by deductible contributions to a Roth IRA in 2017 has until October 15, 2018, to undo it. This means recharacterizing the new account as a traditional IRA. Howev...

February 25, 2018 8:57 pm

The Tax Cuts and Jobs Act of 2017 repealed the shared responsibility payment, which is a penalty for not having minimum essential health coverage (and not being exempt from this requirement). But the ...

February 6, 2018 8:59 pm

The Tax Cuts and Jobs Act of 2017 did not make any direct changes to the passive activity loss rules. Those with rental real estate and income below a set amount may still be able to deduct up to $25,...

February 6, 2018 8:58 pm

If the loss occurred in 2017 and it’s a personal loss, it may be deductible as a theft loss. The loss is treated as an itemized deduction allowable only to the extent it exceeds 10% of adjusted gros...

February 6, 2018 8:57 pm

Self-employed individuals can deduct premiums for their health coverage as an above-the-line deduction under certain conditions; no itemizing is required. While the IRS has never specifically said the...

January 15, 2018 12:27 am

If you are experiencing difficulties with the IRS, know your rights as a taxpayer. Read the Taxpayer Bill of Rights (https://www.irs.gov/pub/irs-pdf/p1.pdf). Also consider contacting the National Taxp...

January 15, 2018 12:25 am

It depends on whether you qualify for the home sale exclusion. This exclusion lets you omit from gross income up to $250,000 of gain ($500,000 on a joint return), but only if you meet certain conditio...

January 15, 2018 12:23 am

If one spouse uses “married filing separately” as the filing status, the other spouse must also use this filing status. The other spouse must file if his/her gross income is more than a set amount...

December 3, 2017 9:14 pm

Whether an employee is eligible to participate in a company’s 401(k) plan may depend on satisfying a period of service there. But once in the plan, an employee can make investments from the menu of ...

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