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June 25, 2013 8:30 am

While interest on municipal bonds is tax free for federal income tax purposes, gain or loss on the sale of the bonds must be reported. The loss is treated as a capital loss, which is deductible within...

June 25, 2013 8:30 am

For income tax purposes, you cannot take a deduction for this payment and your son is not taxable on it (it’s a gift to him). For gift tax purposes, the first $14,000 is excluded ($28,000 if your sp...

June 18, 2013 8:30 am

Because you receive a stepped-up basis for the home (equal to its value on the date of your mother’s death), you may have no gain from the sale if it occurs soon. If you sell it for less than this b...

June 18, 2013 8:30 am

It depends. If you qualify for the home sale exclusion, then gain up to $250,000 ($500,000 on a joint return) is tax free; there is no capital gain. If your gain excludes your applicable exclusion amo...

June 11, 2013 8:30 am

Roth IRAs are designed for retirement savings. While contributions are not tax deductible, withdrawals of earnings after age 591/2 are tax free as long as the account has been open for at least 5 year...

June 11, 2013 8:30 am

No. The deadline for 2012 contributions was April 15, 2013, regardless of filing extensions. However, you can make a 2013 contribution now; you don’t have to wait until the end of the year or even u...

June 4, 2013 8:30 am

Whether the tax refund is taxable to you depends on whether you itemized deductions in the year you paid the property tax or relied on the standard deduction. If you took the standard deduction, the r...

June 4, 2013 8:30 am

No. Inheritances of any amount from decedents in any location are fully tax free. However, if an inheritance is considered to be “income in respect of a decedent,” which is income earned by the de...

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