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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....

December 30, 2016 2:09 pm

Fellowship payments used for incidental expenses, including room and board, travel, and optional equipment are taxable. So too are amounts received for teaching, research, and other services required ...

December 30, 2016 2:04 pm

Charitable contributions are fully deductible for estate tax purposes. Unlike donations for income tax purposes, there are no adjusted gross income percentages or other limits. However, be sure to ...

December 16, 2016 1:00 pm

If such care is medically necessary, as prescribed and certified by a licensed health care provider, then it can be treated as a deductible medical expense if you itemize deductions. For 2016, only ou...

December 16, 2016 1:00 pm

Yes. Those age 70-1/2 and older can transfer up to $100,000 annually directly from an IRA to a public charity. The distribution is not taxed, although no charitable contribution deduction can be taken...

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...

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...

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...

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 ...

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...

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....

Fellowship payments used for incidental expenses, including room and board, travel, and optional equipment are taxable. So too are amounts received for teaching, research, and other services required ...

Charitable contributions are fully deductible for estate tax purposes. Unlike donations for income tax purposes, there are no adjusted gross income percentages or other limits. However, be sure to ...

If such care is medically necessary, as prescribed and certified by a licensed health care provider, then it can be treated as a deductible medical expense if you itemize deductions. For 2016, only ou...

Yes. Those age 70-1/2 and older can transfer up to $100,000 annually directly from an IRA to a public charity. The distribution is not taxed, although no charitable contribution deduction can be taken...

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