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November 22, 2013 11:32 am

High-income taxpayers pay an additional charge for Medicare Parts B and D. The Part B surcharges for 2014 are unchanged from 2013; those for Part D are only slightly higher for 2014 than in 2013.  ...

November 12, 2013 8:30 am

Gifts up to $14,000 in 2013 are not taxable for gift tax purposes (they are never taxable for income tax purposes, regardless of amount). The additional $1,000 per child could be taxable, although you...

November 12, 2013 8:30 am

The IRS says: “For the year of the account owner’s death, use the RMD the account owner would have received. For the year following the owner’s death, the RMD will depend on the identity of the ...

October 29, 2013 8:30 am

The special capital gain rates are supposed to allow taxpayers to pay less tax on these gains than on ordinary income. Thus, the special 28% capital gains rate for collectibles applies for taxpayers i...

October 29, 2013 8:30 am

Yes. The deductions for mortgage interest and real estate taxes are separate items. Claiming one has no impact on claiming the other. The only limitation on the deduction for property taxes is the app...

October 15, 2013 8:30 am

No. Gifts are not taxed to the recipient, regardless of amount or whether they are from people in or outside the United States. If you make gifts, you need to check on whether you must pay any gift ta...

October 15, 2013 8:30 am

Probably not. A revocable trust of which you are a trustee and beneficiary is a grantor trust. You are taxed on the income from this trust to the same extent that you would be if there were no trust. ...

September 17, 2013 8:30 am

Yes, assuming you each meet the eligibility tests for the home office deduction. Each of you would need to complete a separate Form 8829 and attach it to your separate Schedule Cs if you figure the de...

September 17, 2013 8:30 am

Tax rates are applied to taxable income, not to adjusted gross income (AGI). Taxable income is arrived at by subtracting your personal exemptions and the standard deduction or itemized deductions from...

September 10, 2013 8:30 am

Unfortunately, no. The fees were payable by the estate and deductible only by the estate. If there had been a federal estate tax, you would have been entitled to a write-off for the federal estate tax...

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