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Does my rental income qualify for the qualified business income (QBI) deduction?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Tax breaks are wonderful, but they often have strings and rules attached that need to be followed before you can take the deduction. The Tax Cut and Jobs Act of 2017 created the qualified business income deduction. This new tax break provided a deduction on 20% of…
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What do I need to know about retirement contributions for my taxes?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro There are several options to save for retirement, each with its own tax advantages and rules. Understanding how retirement contributions affect your taxes is important for saving money on taxes now and planning for lower taxes in retirement. Here are some of the most…
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Taking advantage of the stepped-up basis loophole for inherited stocks, property and investments
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro When you inherit stocks, property or other investments, you may have a capital gain to report on your tax return when you sell them. Using the tax provision known as the "step-up in basis" can reduce or eliminate the capital gains tax you owe. How step-up basis works:…
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How do I report rental income and expenses for a co-owned property?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Many people have rental properties that are co-owned with a group of people. Whether the group is your family or a pool of investors, knowing how to report rental income, expenses, and depreciation for co-owned property is crucial to filing a correct tax return. Different…
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What are FinCen and the FBAR?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro If you have foreign financial accounts and you are a “United States person”, you have likely heard of the FBAR or FinCen. However, you may not be familiar with what these acronyms stand for and if they relate to your tax return. What is FinCen? FinCen stands for the US…