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Assuming that you originally bought the used items for more money than you are selling them for, you don't have to report the income received from the eBay sale. For example, if you sell a bicycle that you paid $500 for two years ago for $350 on eBay, you usually don't h...
For some same-sex married couples, the opportunity to file a joint return may create a tax savings depending on the makeup of their income, deductions and the credits of both spouses that can be reported on the tax returns. Generally, filing using the married filing separately returns creates...
If you receive a tax refund check for a deceased person, you must return the check to the IRS. Write “VOID” on the back of the check andmail it to the IRSlocation listed on the enclosed letter. If no letter is included, contact the IRS for further instructions. ...
In this detailed guide, we'll cover TurboTax's features, benefits, and what you need to know before filing your taxes. By TurboTax Oct 14, 2024 11:32 AM EDT Death in the family Here's what you need to know about the deceased's final tax return, reporting income and deductions, inheri...
"TurboTax is one of the simplest online tax prep softwares I’ve ever used for filing my personal income tax returns. I've used a few other tax softwares in the past, but TurboTax’s easy to understand questions to help complete tax returns comes on top. I paid a small tax preparation...
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This makes it hard to say for sure that property taxes are always regressive. Estate Tax The estate tax, in its most basic form, is a progressive tax levied on the property of deceased individuals at their death. It appears to be unfair since it is imposed when a person’s home passes...
You may have heard about new tax law that trigger a tax form if you receive more than $600 from any one of these types of platforms. While this rule was put on hold for 2022 and 2023 taxes, a transition threshold of $5,000 is expected to apply for 2024 taxes (2025 filing season)...
Taxpayers who do not remarry in the year their spouse dies can file jointly with the deceased spouse for that tax year. After that, they can opt for qualifying widow(er) status for up to 2 years.1 Special Considerations Having a dependent child is a key part of filing as a qualified ...