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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 ...

July 30, 2013 8:30 am

If you sell before or after you marry and the sales take place in the year of your wedding, on a joint return you can each use the $250,000 home exclusion. However, if either excludes less than $250,0...

July 23, 2013 8:30 am

You can take distributions from your IRA to satisfy required minimum distributions (RMDs) in cash or in kind, meaning in stock. The option you use depends on what’s in your account and what you want...

July 23, 2013 8:30 am

No. An inheritance, regardless of amount, is tax free to the heir. It does not matter whether the person who died was a U.S. citizen or a foreign national....

July 22, 2013 11:03 am

The inheritance is fully tax free, regardless of amount. You do not have to report the inheritance on an income tax return or any other form....

July 16, 2013 8:30 am

Yes, if the credit card borrowing is for consumer purchases. There is no exemption from cancellation of debt (COD) income for personal borrowing other than a home mortgage if forgiveness is completed ...

July 16, 2013 8:30 am

Contributions to an HSA are deductible from gross income (page 1 of Form 1040) even if you don’t itemize other deductions. You must file Form 8889 with your return if you had any activity in the acc...

July 9, 2013 8:30 am

While life insurance proceeds received on the death of the insured are tax free, you may owe taxes when you cash in the policy early. What’s taxable: the excess of the cash surrender value over the ...

July 9, 2013 8:30 am

Leasehold improvements made by either the lessor or lessee pursuant to a lease qualify for special tax treatment if placed in service (i.e., the work is completed) before the end of this year and cert...

July 2, 2013 8:30 am

No. CDD fees are imposed by a developer to finance the cost of amenities within a community. HOA fees are imposed by the association. These fees are not treated as taxes even though they relate to you...

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