If you are a homeowner who doesn’t feel the need to keep records of the cost of home improvements, you may want to consider the consequences if you have a gain and a portion of it cannot be excluded.
U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S.
The electric vehicle (EV) and hydrogen vehicle revolution is well underway and every state is dealing with taxes differently. We’ve got you covered.
With careful planning, and provided you follow the rules, gain can be excluded on the sale of your home, a second residence, a fixer-upper flipper, and even a rental, using the home gain exclusion rules.
If you could not complete your 2022 tax return by the original filing due date and are now on extension, that extension expires on October 16, 2023, and no additional extensions are available.
The 2024 Presidential election could shape the U.S. tax code for decades to come. We’ve got the details you need to know now.
Increasingly complex tax laws make it more likely that errors are made or items are omitted on tax returns, but they can, and should be, corrected by amending the return, generally within 3 years of filing the original return.
Unclaimed accounts from financial institutions, companies, and other sources are turned over to state unclaimed property departments if the owner can’t be contacted and after a period of time as prescribed by state law.
Converting a rental property to a personal residence can trigger tax benefits and complexities. Consider ownership and use tests for gain exclusion, depreciation recapture, and reporting requirements.
The United States government has officially declared a state of emergency in Hawaii amid Maui’s rampant wildfires. Full details here.
