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Cost Basis Complications
You can sell investments held in tax-deferred retirement accounts without worrying about income taxes. But that’s not the case with investments you own outside of tax-deferred accounts. To figure your capital gain or loss on the sale of mutual fund, stock, real estate, and other investments, you have to compare the amount you realize on the sale to your “adjusted basis” in the investment. Understanding...
October 5th, 2009 by The Tax Man
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Last Minute Tax Tips
A few last minute tax tips this year. You do not want to miss these items on your tax return as you finish things off these last few days. Bigger standard deduction Image by Getty Images via Daylife Homeowners who pay state and local real estate taxes but don’t file an itemized return will receive a larger standard deduction. Besides the standard deduction, you can get the amount...
April 13th, 2009 by The Tax Man
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Home Sale Exclusion Modified for 2009.
Image by Maggie T via Flickr The home sale exclusion is one of the most popular tax breaks in the Tax Code. A married couple filing jointly can generally exclude up to $500,000 in gain (single individuals up to $250,000). Before the new law, if a second home becomes a principal residence, after two years the owner could sell it and exclude up to $250,000 in gain from their income or up to $500,000...
February 20th, 2009 by The Tax Man
