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November 4, 2016 10:59 am

An employee who receives sick pay is taxed on it. It is treated the same as other taxable compensation, which means it is taxable for income tax purposes and subject to FICA.Employers who give sic...

October 14, 2016 11:30 am

The Home Affordable Foreclosure Alternative (HAFA) program encourages lenders (banks) and borrowers (homeowners) to work together to avoid foreclosure. Under the programs, borrowers under water (ownin...

October 14, 2016 11:26 am

Interest on federal savings bonds is taxable; the portion of the redemption representing principal (your initial cost for the bond) is not.If bonds (Series EE and I) are issued after 1989 and rede...

October 14, 2016 11:22 am

A child can be a parent's dependent if under age 24 and a full-time student who does not provide more than half of his/her support. A full-time student means the child is enrolled in school on a full-...

September 30, 2016 9:28 am

If you made a nonbusiness loan to someone and the loan is completely worthless, you can take a nonbusiness bad debt deduction. A nonbusiness bad debt is treated as a short-term capital loss. A busines...

September 30, 2016 9:24 am

It depends. Interest on a loan used for personal purposes is not deductible. Interest on a home equity loan, however, is deductible regardless of what you use the proceeds for. In order for a loan to ...

September 16, 2016 1:26 pm

All interest income must be reported on Form 1040, unless there is a special rule that applies (such as interest on U.S. savings bonds redeemed for higher education costs). Thus, whether or not you re...

September 16, 2016 1:22 pm

If you are at least 70-1/2 years old by the end of the year, you can make a direct transfer to a public charity up to $100,000. The portion transferred is not taxable, and it counts toward your requir...

September 16, 2016 1:19 pm

Yes. Sick pay is treated as taxable compensation. It is reported to you on Form W-2....

September 2, 2016 12:25 pm

Yes. Gain on the sale of your principal residence is tax free to the extent of your home sale exclusion. The basic exclusion of $250,000 ($500,000 on a joint return) applies only if you owned and used...

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