The Tax Professionals Blog
Waiving the Required Retirement Minimum Distribution Penalty
Posted by Lee Reams Sr. on
Loss on the Sale of an Inherited Home
Posted by Lee Reams Sr. on
A beneficiary who inherits the residence of a decedent generally acquires it with a basis equal to the fair market value at the decedent’s date of death, and since it is inherited property, it is treated as held for long-term. Generally, a beneficiary will sell the residence through a broker and will have substantial sales costs. A frequent question is whether or not a loss is allowed on the sale. The answer to that question depends upon the beneficiary’s use of the property after inheriting it.
How Married People Filing Separately Can Qualify for the Premium Tax Credit
Posted by Lee Reams Sr. on
Will Taxing Olympic Gold Soon be Coming to an End?
Posted by Lee Reams Sr. on
Most people don’t realize this, but in addition to receiving a medal, winning U.S. Olympic athletes are compensated by the U.S. Olympic Committee with prize money: $25,000 for a gold medal, $15,000 for a silver medal and $10,000 for a bronze medal.
Retirement and Qualified Longevity Annuities
Posted by Lee Reams Sr. on