Ask the Taxgirl: Mitigating Tax by Investing
Can you avoid taxes on lawsuit proceeds by using the money to buy a home? Here’s how civil suit and punitive damages are treated for tax purposes.
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What You Need to Know About Taxes When Kids Play the Market
My kids play the market. Well, sort of. I wanted them to start learning about money—and yes, taxes—while they were young enough to make mistakes and ask questions. So I gave each of them some money and told them to invest it. My youngest has enjoyed a terrific return, prompting him to lament, “I wish…
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What You Need To Know About Cryptocurrency & Tax
Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of a third party, offering security and a measure of anonymity. For federal income tax purposes, it’s treated as a capital asset. And what you don’t know could hurt you since…
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IRS Offering Free Webinar On Tax Perks For Opportunity Zones
Got questions about Opportunity Zones? The Internal Revenue Service (IRS) is offering a free webinar designed to give an overview of Opportunity Zones and related tax benefits for investors. As part of the Tax Cuts and Jobs Act (TCJA), new investments in some economically-distressed areas may be eligible for preferential tax treatment. To qualify, areas…
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Taxes From A To Z 2020: M Is For Mark-To-Market Taxation
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. M is for Mark-To-Market. One of the big buzz phrases from 2019 was “mark-to-market” taxation. That implies that it’s…
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Ask The Taxgirl: Sale Of Primary Residence
It’s “Ask the Taxgirl.” Today’s question focuses on the capital gains exclusion for the sale of your primary residence.
