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How IRS Figures the Profit On the Sale of Your HomeJoe Catalano
9 steps to selling a house As a seller, it’s smart to be prepared and control whatever factors you’re able to. Things like hiring a great real estate agent and maximizing your home’s online appeal can translate into a smoother sale — and more money in the bank. Here’s a nine-...
Dawn PapandreaJan. 9, 2025 Will You Benefit From Trump Tax Cuts? Tax breaks were a big issue on the campaign trail, and Congress will be focusing on ways to cut taxes and prevent tax increases that are currently scheduled to take effect in 2026. ...
Experiencing a major life change or receiving a big refund or a high tax bill are all reasons to consider filling out a new W-4 form and adjusting your withholding amount.
"Sole proprietorships, partnerships, corporations and LLCs are the most popular kinds of business structures, according to the IRS. But what type is best for you and why? A sole proprietorship is best suited to a business owned by an individual or couple that doesn’t have employees or sign...
Another way to incur tax liability is by swapping out your digital assets. A crypto trade is divided into two parts—a sale and a purchase. If you sell Bitcoin to buy Ethereum, for example, then the IRS considers the two transactions separately. ...
or the sand that always seemed to be getting in the house…or all the tourists. This means an extended scouting trip to the location you’ve picked out. This is not a two-week vacation. Instead take two months…three months to really get to know a place. You’ll have to rent a ...
You can rent the house to someone else for up to two weeks (14 nights) each year without having to report that income to theInternal Revenue Service (IRS). Even if you rent it out for $5,000 a night, you don’t have to report the rental income as long as you didn’t ren...
The IRS prohibits claiming a loss on a "wash sale," selling a security at a loss and then repurchasing the same or a "substantially identical" security within 30 days of the sale.5This rule applies across all accounts under your name, including IRAs and spousal accounts. ...