The Income Tax Capital Gain Exclusion on Home Sale

The Income Tax Capital Gain Exclusion on Home Sale

GENERAL CONCEPT For some, like my sister, enjoy selling her home every few years.  The gain on selling primary residence, when conditions are met, is up to $250,000 for individuals and $500,000 for couples filing join returns.  For people who are not married, but...
Home Office

Home Office

This past tax season, there seemed to be some confusion about claiming Home Office deductions. Below I took part of the definition from Internal Revenue Service’s website, and the link,...
Kids, the more the merrier?!

Kids, the more the merrier?!

Before the tax year of 2018, we were able to claim personal exemption amounts based on the number of the dependents claimed plus ourselves; hence, the family with more children is entitled to deduct more. In December 2017, Congress passed a new tax law that eliminated...
What do you think of CPAs?

What do you think of CPAs?

What comes into your mind when you think of CPAs (Certified Public Accountants)?  Some one plugs  numbers into a tax software and spit out the returns? Conservative? Frugal? Nerd? Necessary evil during tax season? Necessary evil for business? Necessary “evil”? All...
I Use Turbo Tax®

I Use Turbo Tax®

Quite a few people come to me start by saying, “ I use Turbo Tax….” Scenario 1 – “ I use Turbo Tax to prepare my returns.  Would you please check if my returns are correct?”   Believe it or not, it will be easier and supposedly in my humble opinion more accurate...

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