What assets can be inherited?
Inheritance refers to the assets that an individual bequeaths to their loved ones after they pass away. An inheritance may contain cash, investments such ...
How is long term property gain calculated?
Long-term capital gain = full value of consideration received or accruing – (indexed cost of acquisition + indexed cost of improvement + cost of transfer)...
Should startups get patents?
Intellectual property (IP) is one of the most valuable assets of a startup and patents are often chief among IP in terms of value. Patents allow the start...
Do QTIP trusts get a step up in basis?
A QTIP is a special form of marital trust under which the surviving spouse must be paid all of the net income of the QTIP each year. There can be no other...
When did college scholarships become taxable?
The tax status of scholarships was first codified in 1954, and until 1980 it was exceedingly simple: for students pursuing a degree, all scholarships, fel...
Does Social Security have no income limit?
If you work, and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you’re younger than full retirement ...
Can the VA take away a service connected disability?
In any case, the VA cannot terminate your benefits unless you first receive a notice from the VA telling you about your right to have a hearing. If you re...
Do LLC get 1099 s?
An LLC will not receive a 1099 if taxed as an s-corporation. The funny part about this is that if you are the one issuing a Form 1099-MISC you will have n...
What do I need to file an amended return?
Use Form 1040X to amend a federal income tax return that you filed before. Make sure you check the box at the top of the form that shows which year you ar...
Can you buy a rental property with equity?
You can unlock the equity in your home to help finance the purchase of rental property. To do so, you’ll need to take out a home equity line of credit (HE...
