If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives [...]
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a [...]
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the [...]
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: [...]
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, [...]
- Vacation home: How is your tax bill affected if you rent it out?
- Navigating the tax landscape when donating works of art to charity
- The tax score of winning
- Is a Health Savings Account right for you?
- Selling a home: Will you owe tax on the profit?
- Planning for year-end gifts with the gift tax annual exclusion
- You can only claim a casualty loss tax deduction in certain situations
- Does your employer provide life insurance? Here are the tax consequences
- ABLE accounts may help disabled or blind family members
- Scholarships are usually tax free but they may result in taxable income