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A further trap awaits the unwary U.S. investor who donates depreciated assets – assets on which there have been losses in value – to charity. The gift actually forfeit the tax deductibility of the capital losses, and only the depreciated (low) market value at the time of the gift is allowed to be deducted, rather than the higher basis.
The IRS announced last year that it will make the free electronic tax return filing system permanent and asked all 50 states and the District of Columbia to help taxpayers file their returns ...
Specifically, the bill “directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of under-served populations.”
IRS Direct File is a popular free program that offers guidance and support as you fill out your tax return and file your taxes directly with the IRS. And it may not be long for this world. On Feb ...
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
How a former IRS boss optimizes his charitable trust to support his alma mater–and give assets to his children tax-free Jonathon Morrison December 27, 2023 at 11:09 AM
A non-simultaneous exchange is sometimes called a Starker Tax Deferred Exchange, named for an investor who won a case against the Internal Revenue Service (IRS). [ 3 ] For a non-simultaneous exchange, the taxpayer must use a Qualified Intermediary , follow guidelines of the IRS, and use the proceeds of the sale to buy qualifying, like-kind ...
The IRS' new Direct File pilot will be available for free in 13 states, but some filers might not be able to use the program.