Taxes
Home Sale Gain Exclusion When a Taxpayer Remarries
Under Section 121 of the Internal Revenue Code, you may be able to exclude most, if not all, of your gain from tax when you finally sell the home.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
Read more
Benefits
Tax Court Imposes Limit on Capital Losses
Notably, you may use a loss to offset a short-term gain realized earlier in the year that would otherwise be taxed at a high ordinary income tax rate.
Taxes
Tax Court Decides “He Said, She Said” Case
Generally, the IRS has three years from the later of the time your tax return was filed or its due date to review the return and assess tax.
Benefits
Some Tuition Costs Can Qualify for Medical Tax Deduction
If you have children in college, you may be able to claim one of two higher education credits for qualified expenses, although these tax benefits are phased out for upper-income taxpayers.
Income Tax
Home Health Costs Can Be Tax Deductible
If the aide performs other household chores like cooking and cleaning, you must apportion their wages. Only the part allocable to medical care is deductible as a medical expense.
Benefits
Home Improvements May Qualify as Medical Expenses on Taxes
In certain limited situations, you may realize a tax break for a home improvement that is deemed to be medically necessary. If you qualify, a portion of the expense is deductible as a medical expense as...
Income Tax
Count LTCI Premiums for Medical Deduction
You can add the cost of premiums to the amount you need to surpass the deduction threshold for medical expenses. But the IRS strictly limits the amount you can write off for LTCI insurance each year.
Benefits
How to Secure a Deduction for a Medical Dependent
The tax law also allows you to write off amounts paid for a dependent such as an elderly relative.
IRS
The Tax Blotter - Oct. 27, 2022
The tax blotter is a roundup of recent tax briefs.
Accounting
PALs May Not Be Your Friend - Rental Property Tax Tips
If you own investment real estate that you rent out to tenants—for example, an apartment building—it can be a steady source of annual income.
Accounting
Working Out a 1031 Exchange of Real Estate
You can still avoid current capital gains tax when you exchange one real estate property for another, or as a result of an exchange involving multiple parties, as long as certain requirements are met.
Income Tax
Locking in the Tax Exclusion for QSBS
The tax break for QSBS has been kicking around for a bunch of years and has gone through several iterations.