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Currently, the estate tax exemption is large enough ($11.4 million for decedents dying in 2019; $11.5 million for those dying in 2020) to protect most estates from having to pay any federal estate tax. This exemption amount is the result of applying the unified credit to the tentative estate tax. This same exemption amount can [...]
The basic Part B premium amount for 2020 is $144.60 per month. The Part D premium for drug coverage in 2020 ranges from $13 to $83 per month (depending on the drug plan selected). However, high-income taxpayers with modified adjusted gross income above a set amount in 2018, pay an additional amount for Parts B [...]
A home office deduction can be claimed only if space is used regularly and exclusively for business. But can a taxpayer who has two businesses claim a home office deduction for the same space? In a recent case, a taxpayer claimed to run a horse business, although she didn’t own a horse for the year [...]
Homeowners who meet ownership and use tests can exclude gain on the sale of a principal residence up to $250,000 ($500,000 on a joint return). Taxpayers who hold property for investment can defer gain on a like-kind exchange of real property. Can both these favorable tax rules be combined for the same property? The IRS [...]
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