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Recently Answered Questions

 

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...

September 2, 2016 12:21 pm

Legal fees paid by an estate are deductible by the estate for estate tax purposes. If you paid the fees out of your own pocket, the estate can reimburse you. If you don't seek reimbursement, you will ...

August 19, 2016 12:06 pm

If your daughter will be under age 19 by the end of the year, you probably can claim a dependency exemption for her, even though she is on active duty and has gross income over the exemption amount ($...

August 19, 2016 12:02 pm

You don't have to file an amended return or contact the IRS. The IRS will contact you by mail and ask that you send the schedule. The IRS letter will have instructions on where to mail it....

August 5, 2016 4:39 pm

The fact that you don't claim the exemption for a dependent child does not prevent you from using head of household status on your tax return. As long as you meet the other conditions for this status,...

August 5, 2016 4:12 pm

Probably not. As part of the installment agreement, you agreed to have any future tax refunds applied to your outstanding bill. Of course, if the amount of the refund exceeds what you still owe, you'l...

July 22, 2016 4:08 pm

Assuming your spouse died after 1981 and that your spouse was a U.S. citizen, you owned a "qualified joint interest" with your spouse. As such, your basis is 50% of the date-of-death fair market value...

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