To get my complete articlewith all the details... You see, Uncle Sam wants to know what you’re up to and if you owe any taxes on your crypto activities. The IRS starts to satisfy its curiosity right at the top of your Form 1040. That’s where they ask: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any … [Read more...]
Capital Gains
Sorted by Date
How Rental Property Owners Can Avoid the Net Investment Income Tax (NITT)
Do you earn profits from rental property? Then keep on reading to save money! It’s sad but true. If your income is high enough, you’re paying the 3.8% net investment income tax (NITT). Think of the tax as a surtax on your high income. But here’s some good news. If you own profitable real-estate rentals,there are three exemptions you may be able to useto avoid the 3.8% … [Read more...]
Donor-Advised Funds: A Tax Planning Tool for Making Church and Charity Donations
Do you give money to your church or other charities? Do you get a tax benefit from those donations? Well, recent changes in the tax code have done a lot to destroy the tax benefits from giving to your church and other 501(c)(3) charities. But there is a strategy for you to donatethe way you want, and . . . Get an immediate charitable deduction. It’s called a … [Read more...]
Is now the Time to Transfer Your Home to Your Adult Child?
How to help your adult child buy a home in today’s overheated market. As I’m sure you know, today’s home prices have skyrocketed, which means it can be very difficult for your adult child to buy a home. What you may not know is there are creative ways for you to help make home-ownership a reality for them. If you are planning to leave your home for any reason, here’s a … [Read more...]
Selling Your Appreciated Vacation Home? What About Taxes?
Got a vacation home you want to sell? Be careful.The tax laws that apply can be tricky...and costly! What exactly is a “vacation home.”? Seems obvious, doesn’t it? Well, we’re dealing with the IRS so it isn’t. If you have a home that you rent outand use personally, the IRS defines it as a “vacation home.” So what? . . . you may ask. The answer is that the … [Read more...]