Posts Taged tax-deduction

Tax-free discharge of mortgage debt

Did a bank discharge debt you owed for your principle residence?   Section 151 of the recently passed PATH Act has extended the ability of people to exclude gross income from the exclusion of this debt if certain conditions apply.  It’s been extended to include income that is reported as discharge of debt in either 2016 […]

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Have an extra $100,000? Giving from IRAs

In a giving sort of mood?  Have an IRA account that’s just sitting around collecting dust?    Don’t wanna cash it out and pay tax on the distribution just to turn around and give it to charity at the lesser, “after-tax” amount?   At least 70 1/2 years of age? Well great news!!!!   Section 112 of the […]

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Vets fee deductible? Ummm….no…sorry

Well, a few days ago I gave you a list of common, and sometimes, not so common, Qualified Medical Expenses that you may be able to deduct on Schedule A of your Form 1040. Thought you might like a list of some NONDEDUCTIBLE items. Enjoy!  Or, I guess, sorry Child care for a healthy baby/child […]

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Break a leg, fix a tooth! It’s deductible!! Well-maybe…..

So, you have probably heard that you need quite a bit of medical expenses to have a deduction.  Well…that’s true. But they do add up so keep track. You can deduct medical, dental and optical expenses that are considered Qualified Expenses if you are ITEMIZING your deductions rather than taking the standard deduction AND IF […]

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HSA’s-Holiday Season Adventure? R U Ready?

You’ve got nothing to do this time of year right?  Diligently searching to find something to fill your time?  Well, maybe not…but still…… Here’s a little adventure for you to spend some time on…..think about an HSA.   It’s a bit of a Holiday Season Adventure figuring out the in’s and out’s of an HSA….a Health Savings Account.  Where […]

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