When transferring a home, the tax impact varies if it’s a completed gift or a de facto life estate. This article covers the implications for both scenarios, including Section 121 exclusions and basis adjustments.
IRS Bulletin 2024-30 highlights updates including new specs for information returns, percentage depletion for marginal properties, and final regulations on conservation contribution deductions and accounting methods.
Understanding the tax implications of transferring property as a gift or inheritance is crucial. This article explains the basis concept, taxation differences, and effects of title holding, with practical examples.
IRS Bulletin No. 2024-29 highlights key updates for tax professionals, including transitional relief for brokers handling digital assets, excise tax regulations on stock repurchases, and revocation of certain 501(c)(3) statuses.
There are far more tax issues related to gambling than one might expect, and they may impact taxes in more ways than one might believe. This article provides a rundown on the many tax “gotchas” associated with recreational gambling.
