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September 3, 2013 8:30 am

While the fundamental rules are the same for estates of those who died in 2012 and those who die this year, some of the important numbers are different. For example, the exemption amount (the value of...

September 3, 2013 8:30 am

The annual exclusion for 2013 is $14,000 per recipient. This amount is doubled if you are married and your spouse consents to split the gift. If your children are married, you can effectively multiply...

August 27, 2013 8:30 am

Check with the plan administrator of your current employer to see whether the plan allows you to postpone RMDs until you retire. (This assumes you don’t own more than 5% of the company.) If the plan...

August 27, 2013 8:30 am

You can treat the distribution from the IRA as exempt from the penalty if you are disabled. Just be sure that you meet the strict definition of disability that applies in this case. To be disabled in ...

August 20, 2013 8:30 am

No. The first-time homebuyer credit ended in 2010 and it has not been extended. There’s probably no chance that Congress will change its mind anytime soon because the housing market has picked up....

August 20, 2013 8:30 am

Usually, the IRS is rather prompt in asking for additional money. You can contact the IRS by calling 800-829-1040 (Monday–Friday, 7:00 a.m.–7:00 p.m. your local time). When calling, have a copy of...

August 13, 2013 8:30 am

Mortgage insurance paid in 2013 can be deductible as mortgage interest (the deduction is scheduled to expire at the end of this year). However, income limits apply to limit or prevent a deduction....

August 13, 2013 8:30 am

No, unless your disability is blindness. This is the only condition for which an additional personal exemption can be claimed on a federal income tax return. However, if your income is very modest and...

August 6, 2013 8:30 am

It’s not clear. The IRS has not issued any official guidance on this very common question as yet. The law says that the policy must be established, or considered to be established, under her busines...

July 30, 2013 8:30 am

In 2013, the AGI floor for someone under age 65 is 10% of AGI. The 7.5% floor applies to those 65 or older. Since it is you, and not your mom, who is taking the deduction, you must use the 10%-of-AGI ...

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