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Did you sell stock in an Insurance Company that had demutualized?
What does this recent case mean for you? If you sold shares from a demutualization, you may also be eligible for a refund of tax paid. You must file an amended federal tax return and it must be timely filed. The rules for filing amended returns, just like the facts of this case, are complex. Also, keep in mind that the IRS Image via Wikipedia may appeal the court’s decision. A higher...
April 2nd, 2009 by The Tax Man
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Sources of Nontaxable Income
While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. Image via Wikipedia Although not all-inclusive, some common examples of items that are not included in your federal income are: Adoption Expense Reimbursements for qualifying expenses Child support payments Gifts, bequests and inheritances Workers’...
March 30th, 2009 by The Tax Man
