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October 5, 2017 10:11 pm

Depending on the cost of the vehicle and whether it’s new or pre-owned, you may not be able to claim to claim the full 20% depreciation allowance in the year placed the vehicle in service. For examp...

October 5, 2017 10:09 pm

An income tax return must be filed for a decedent if his/her gross income for the year of death was over the filing threshold based on the person’s filing status at the time of death. A surviving sp...

October 5, 2017 10:07 pm

If you rent out your home for no more than 14 days during the year, you don’t have to report any income, but you can’t claim any expenses other than itemized deductions allowed to all homeowners (...

September 11, 2017 11:53 pm

It depends on the source of the reimbursement. If the school is reimbursing you for an overpayment because you received a scholarship or withdrew from a course, the payment isn’t taxable if it...

September 11, 2017 11:51 pm

In general the basic capital gain rate applies (see the previous question). However, if the stock is qualified small business stock (also referred to as Section 1202 stock) and you acquired the shares...

September 11, 2017 11:49 pm

As a general rule, the tax rate on long-term capital gains is 15%, but it is 20% for those in the top tax bracket and zero for those in the 10% or 15% brackets. The gain is taken into account in figur...

September 11, 2017 11:43 pm

Instead of deducting your actual meal costs, you can rely on a per diem rate to figure the cost of meals and incidental expenses (this assumes you’re not reimbursed for your meals). The per diem rat...

September 11, 2017 11:41 pm

If you rely on the 100% safe harbor (basing your 2017 estimates on 100% of your 2016 tax liability), you do not have to make adjustments during the year for any changes in income. However, as a practi...

September 11, 2017 11:40 pm

Currently the basis of inherited property is stepped up to the value on the date of the owner’s death (“stepped-up basis rule”). What the owner paid for it or any depreciation that may have been...

September 11, 2017 11:31 pm

The IRA owner cannot put his/her IRA into a trust; only an individual can own an IRA. However, the IRA owner can name a trust as beneficiary of the IRA so that funds pass into the trust when the IRA o...

Depending on the cost of the vehicle and whether it’s new or pre-owned, you may not be able to claim to claim the full 20% depreciation allowance in the year placed the vehicle in service. For examp...

An income tax return must be filed for a decedent if his/her gross income for the year of death was over the filing threshold based on the person’s filing status at the time of death. A surviving sp...

If you rent out your home for no more than 14 days during the year, you don’t have to report any income, but you can’t claim any expenses other than itemized deductions allowed to all homeowners (...

It depends on the source of the reimbursement. If the school is reimbursing you for an overpayment because you received a scholarship or withdrew from a course, the payment isn’t taxable if it...

In general the basic capital gain rate applies (see the previous question). However, if the stock is qualified small business stock (also referred to as Section 1202 stock) and you acquired the shares...

As a general rule, the tax rate on long-term capital gains is 15%, but it is 20% for those in the top tax bracket and zero for those in the 10% or 15% brackets. The gain is taken into account in figur...

Instead of deducting your actual meal costs, you can rely on a per diem rate to figure the cost of meals and incidental expenses (this assumes you’re not reimbursed for your meals). The per diem rat...

If you rely on the 100% safe harbor (basing your 2017 estimates on 100% of your 2016 tax liability), you do not have to make adjustments during the year for any changes in income. However, as a practi...

Currently the basis of inherited property is stepped up to the value on the date of the owner’s death (“stepped-up basis rule”). What the owner paid for it or any depreciation that may have been...

The IRA owner cannot put his/her IRA into a trust; only an individual can own an IRA. However, the IRA owner can name a trust as beneficiary of the IRA so that funds pass into the trust when the IRA o...

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