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August 31, 2015 12:11 pm

Suspended passive losses become deductible in the year in which there is a complete disposition of the property in a fully taxable event to an unrelated party. The fact that the losses remained suspen...

August 24, 2015 12:46 pm

No. Eligibility for the earned income tax credit is based on income, not age. The amount of the credit varies with the number of qualifying children you have. A modest credit applies even if you have ...

August 24, 2015 12:44 pm

Job-loss mortgage insurance is a policy that pays some or all of the mortgage payments (and, under some policies, real estate taxes and homeowners insurance) if you lose your job. The IRS has not rule...

August 10, 2015 11:26 am

A donor-advised fund is a program that lets you donate cash and certain property now—and take a current charitable contribution deduction—while having funds disbursed to a charity in the future. T...

August 10, 2015 11:24 am

Under federal gift tax rules, you can give each person $14,000 in 2015. If you make the check out to both your granddaughter and her spouse, you can effectively give up to $28,000 without any gift tax...

July 27, 2015 11:19 am

When you sell property, the difference between what you receive and your tax basis in the property produces gain or loss. When selling property, include what you paid for this, such as the land and th...

July 27, 2015 11:17 am

If you pay the money directly to the facility, there is no dollar limit on how much you can effectively gift to benefit your mother for purposes of federal gift taxes. What’s more, this action may e...

July 20, 2015 10:25 am

Gain or loss is the difference between the basis of the stock and what you received for it. The basis of inherited stock used for determining gain or loss is the estate tax value, which is usually the...

July 20, 2015 10:22 am

Under the home sale exclusion rules, you can use part of the exclusion if you cannot meet the two-year test for owning and living in the home under certain conditions. The failure to meet the test mus...

July 13, 2015 10:09 am

You can take a tuition and fees deduction only for a dependent, so if your granddaughter is not your dependent, you’re out of luck. If she were your dependent, the deduction is capped at $4,000 (you...

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