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Articles

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  Avoiding capital gains on foreign property

  How can a U.S. citizen avoid paying capital gains tax on the sale of property in another country?

  2 min read Jun 16, 2009
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  Claiming the state income tax deduction

  Taxpayers can choose between claiming state and local income taxes or sales taxes when itemizing.

  2 min read Apr 02, 2009
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  Computing rental depreciation

  Your income threshold makes a difference when figuring depreciation on a rental building.

  2 min read Feb 05, 2009
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  Does foreign corporation owe income tax on gains?

  A foreign person or corporation does not pay U.S. income tax on gains from the sale of most U.S. securities.

  1 min read Jan 15, 2009
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  Maximizing farming deductions

  Don’t fence in your CPA if you want to claim all your farming business deductions.

  2 min read Jan 13, 2009
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  Does a company T-shirt count as income?

  A company may want the shirts off employees’ backs, but certain corporate gifts aren’t counted as income.

  1 min read Dec 29, 2008
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  Capital gains on a duplex

  Figuring capital gains tax on the sale of a duplex is a game of percentages.

  2 min read Dec 03, 2008
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  Use of tax credits

  An adoption tax credit can’t be used against penalties and interest from back taxes owed. 

  2 min read Nov 06, 2008
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  Moving an IRA to another bank

  How often you can transfer retirement accounts depends on the type of transfer, says CPA George Saenz.

  2 min read Sep 15, 2008
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  Are insurance settlements taxable?

  Typically, insurance settlements for property damage or physical injury are not taxable, says CPA George Saenz.

  2 min read Sep 10, 2008
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  Should you pay off car loan or credit card?

  It’s usually better to put extra money towards your credit cards instead of your car loan, as cards usually charge more interest and have more volatile rates.

  4 min read Sep 08, 2008
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  Selling demutualized shares

  Good news for shareholders in a converted insurance company.

  2 min read Sep 03, 2008
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  Filing for the incapacitated

  By using a power of attorney, a couple can file a joint tax return if one spouse has dementia.

  2 min read Aug 11, 2008
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  Deducting losses or capitalizing costs

  Instead of immediately selling the property, offer it for rent. You can convert your capital loss to ordinary loss.

  2 min read Mar 30, 2007
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  Claiming foreign children as dependents

  To claim individuals, even children, as dependents, they have to be citizens or residents of the U.S., says CPA George Saenz.

  2 min read Feb 28, 2007
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  Capital gains on sale of home with farm

  If the avocados produce a profit, then the land is considered farmland and when sold would not qualify for capital gain exclusion from the sale of your home.

  1 min read Aug 01, 2006