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March 24, 2017 8:32 am

You can claim a theft loss if this scam amounts to a theft under state law. Usually, the taking of money through fraud or misrepresentation constitutes a theft loss. If so, then you must itemize deduc...

February 24, 2017 8:00 am

If the distribution was a required minimum distribution, it cannot be rolled over to an IRA (the proceeds can be used to fund an IRA if you are eligible to make an IRA contribution for the year). If t...

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....

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