Tax basics

How to report foreign inheritance on my US tax return?
Contributed by KeriC, FreeTaxUSA Agent, Tax Pro If you receive a foreign inheritance, you may have to report it to the IRS, even though the inheritance itself is typically not subject to income tax. However, there are specific forms and reporting requirements based on the value of the inheritance and its nature. Here's how…
What does it mean to 'itemize' and should I do it?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Every year you have two options: taking the standard deduction or itemizing your deductions. Let's look at what each of these options means for you. What does 'standard deduction' mean? To take an amount determined by the government off your total adjusted gross income…