If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $17,000 in 2023 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts.
all depreciation deductions previously taken for the property, or allowed if not actually taken, are recaptured and taxed as ordinary income. However, the amount considered ordinary income can’t exceed the total amount of gain from the sale or disposition. ...
if you buy a house that you rent out to tenants, you can generally deduct a portion of the purchase price allocated to the building (but not the land) each year until your combined deductions equal the cost of the property.
However, to fully avoid depreciation recapture following a 1031 exchange, the replacement property must also be subject to depreciation (e.g., it can’t be undeveloped land). It must also be of equal or greater value, and you need to continue using it in a trade or business or for inves...
adjusted basis and fair market value of your home at the time you began using it for business adjusted basis of the land on which your home sits and the fair market value of the land on the date you first used the home for business cost of any improvements before a...
Learn how to get the biggest tax savings when making charitable contributions of cash or checks, household goods, cars or appreciated property.
If you lost your principal residence to a foreclosure or short sale, TurboTax can help you deal with the tax implications, including recent tax law changes that can offer some relief.
If you built your home, your original cost is the cost of the land, plus, the amount it cost you to construct your home, including, amounts paid to your contractor and subcontractors your architect fees, if any connection charges you paid to utility providers ...
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Energy tax credits can bring down the effective cost of investing in various energy endeavors the government feels important to support.