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The new form is expected to be in use for tax year 2020.
You’re spared tax repercussions of home proceeds in a divorce, says CPA George Saenz.
You can earn tax credits when replacing your air conditioning system as long as it meets the energy-efficient requirements, says CPA George Saenz.
Principally the IRS is looking to collect Social Security and Medicare tax on wages paid to your household help, says CPA George Saenz.
The rules apply to foreign homes even if you were not a resident of this country during the period of ownership and use, says CPA George Saenz.
Rental real estate losses are not allowed to married or single taxpayers whose AGI exceeds $150,000 a year, says CPA George Saenz.
The recently passed pension bill has tax provisions to help, and hinder, retirement savers, charitable givers and college payers.
The Roth conversion is an oddity, making people pay more tax now in exchange for a future promise that you will not have to pay tax, says CPA George Saenz.
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.
As it stands now, the estate tax will be repealed in 2010. But some people could face a whole new set of tax troubles.
Whether you can exclude capital gains on the sale of your jointly owned condo largely depends on if it served as your principal residence, says CPA George Saenz.