“Tax Quiz - Sell Stock at aLoss to Your Daughter” To get my complete articlewith all the details… Say you bought stock in 2022 for $17,000. In 2024, you sell this stock to your daughter at fair market value for $9,000. What is the loss deduction you may claim on your 2024 tax return? $0 $3,000 $8,000 $9,000 Answer Correct answer: $0. You may not … [Read more...]
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Important Update: New IRS Crypto Tax Reporting Rules on the Horizon
"Important Update: New IRS CryptoTax Reporting Rules on the Horizon" To get my complete, FREE articlewith all the details… The IRS unveiled a comprehensive framework outlining new tax reporting obligations for digital asset brokers, including trading platforms, payment processors, and wallet providers. Spanning over 280 pages, the proposed regulations … [Read more...]
Odds Are the Tax Law Doesn’t Consider You a Professional Gambler
“Odds Are the Tax Law Doesn’tConsider You a Professional Gambler” To get my complete, FREE articlewith all the details… Here’s a fact that many people don’t know... Tax law treats gamblers unfairly. Although not a buddy of the professional gambler, tax law does treat the professional far better than the recreational gambler. The professional gambler is in the … [Read more...]
Beware the Dreaded Wash Sale Rule When Harvesting Tax Losses
“Beware the Dreaded Wash Sale Rule WhenHarvesting Tax Losses” To get my complete, FREE articlewith all the details… Have you ever made a bad investment in a taxable brokerage firm account? Well, the good news is that you can harvest a tax-saving capital loss by selling that losing security. Right? Well, maybe not. Play your hand wrong and you could destroy … [Read more...]
Don’t Let Your Recreational Gambling Create a Tax Nightmare
“Don’t Let Your Recreational GamblingCreate a Tax Nightmare” To get my complete, FREE articlewith all the details… For starters, check out the federal income tax rulesthat possibly affect you. These are the tax rules that govern your gambling. Be sure you understand them! Your winnings are “above-the-line” taxable. Your losses are … [Read more...]