The Tax Professionals Blog
Gift Tax Treatment of Tuition Plans
Qualified tuition plans (QTP) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred...
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Excess Deductions on Trust Termination
There has been some confusion related to the deductibility of excess deductions flowing through to beneficiaries from a trust on Form 1041-K1 upon termination of the trust. Prior to the...
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In Vitro Fertilization as a Medical Deduction?
The cost of In vitro fertilization treatment is expensive. Can the payments be deducted as a medical expense and can payments be made from a Flexible Spending Account for In vitro fertilization treatments?
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401(k) Contribution Limits
It is not uncommon for individuals to have multiple employers, each with a 401(k) plan. This can possibly create a situation where the employee makes an excess elective deferred compensation...
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Partial Disposition of a Passive Activity
Any gain or loss from the disposition of a passive activity is generally also passive. However, special rules apply to dispositions.
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Insight: Basis of Property Transferred Between ...
When one spouse transfers property to another spouse the basis of the recipient spouse is the same as the transferor-spouse's adjusted basis in the property (Code Sec. 1041(b)).
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