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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...

July 13, 2015 10:07 am

Yes. An election worker, who may be compensated by a set fee per day or a stipend for an election period, may be referred to by various terms (e.g., poll worker, moderator, machine tender, checker, ba...

July 6, 2015 10:05 am

On 2014 returns, taxpayers can choose to deduct state and local income taxes or state and local sales taxes. Those who opt to deduct state and local sales tax take the amount of their deduction from a...

July 6, 2015 10:04 am

The cost of repairs and maintenance for a rental property is deductible as long as the property has been held for rental at a fair rental price. However, because there was no rent, the net loss (expen...

June 29, 2015 9:08 am

Probably not. Once a child is 19 years or older and not a full-time student, then he/she is not a dependent unless gross income is below the exemption amount ($3,950 for 2014; $4,000 for 2015) and oth...

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...

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...

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...

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...

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...

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...

Yes. An election worker, who may be compensated by a set fee per day or a stipend for an election period, may be referred to by various terms (e.g., poll worker, moderator, machine tender, checker, ba...

On 2014 returns, taxpayers can choose to deduct state and local income taxes or state and local sales taxes. Those who opt to deduct state and local sales tax take the amount of their deduction from a...

The cost of repairs and maintenance for a rental property is deductible as long as the property has been held for rental at a fair rental price. However, because there was no rent, the net loss (expen...

Probably not. Once a child is 19 years or older and not a full-time student, then he/she is not a dependent unless gross income is below the exemption amount ($3,950 for 2014; $4,000 for 2015) and oth...

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