If you give a gift and the fair market value exceeds $13,000 as of the 2012 tax year (rising to $14,000 in 2013), you must file a gift tax return. You must file the return between Jan. 1 and April 15 in the calendar year you made the gift. If you cannot meet the deadline, you ...
Use IRS Schedule E to report passive income or losses from things like rental property, royalties and partnerships. Income you report on tax Schedule E differs from self-employment income because it ...Read More
Metal detecting can start out as a hobby but grow into a business if you find enough treasure. If that happens, the Internal Revenue Service will want its share of your profits. While you must claim ...Read More
Few people escape paying income tax, even after death. If your husband dies, you – or the executor of his estate – must still file a return and report any income he earned up to the date of his ...Read More
If a husband and wife are not living together, they may still file their income tax return as married filing jointly as long as they meet IRS and state tax guidelines. The couple must not be under a ...Read More
It's common to hear about all the tax benefits you can claim when you own your own home. Sure, if you're renting that means you don't have mortgage interest or real estate taxes to write off. However ...Read More
Your tax filing status can affect your standard deduction -- both when you file your taxes and when you fill out your W-4. If you're married, you can't file as a single person. Instead, you'll file ...Read More
If your business is making a change in accounting method, you generally must file IRS Form 3115. Some of these changes involve whether you book expenses and revenue when paid or when incurred, and ...Read More
If tax deadlines are looming and you’re nowhere near ready to file, a tax extension might be the perfect solution. The IRS can’t deny a tax extension if your request is made timely, but ...Read More
If you have a disallowed loss due to buying a similar or the same stock within 30 days of selling at a loss, you'll still need to report it when you file your taxes. You'll do this on Schedule D, but ...Read More
The Internal Revenue Service considers you either married or single when it comes to filing taxes. Generally, you can use the head of household filing status if you are unmarried but support a ...Read More
If you're filing taxes for a deceased person, which is necessary in the year they die if they would have had to file if alive, an estate representative should sign the return. If the person had a ...Read More
Every spring you are inundated with 1099s and W-2s in preparation for filing your yearly taxes. Once you navigate the complicated waters of your tax return, you submit it to the IRS with a sigh of ...Read More
By saving consistently over the long term, you probably will accumulate a large sum of money in your 401(k) plan at work. This money is designed to be a nest egg for your retirement, and to ...Read More
When you inherit a savings account, the value of the savings account itself is not taxable. You are not required to report the face value of the savings account. However, any interest that accrues on ...Read More