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Primary Residence Sale after Death
The rules about investing in a home of greater or equal value within a certain period of time after the sale are long gone (1997). The current rules… if you lived in the home 2 our of the last 5 years from the date of sale, your GAIN can be up to $500,000 (married filing…
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Veterinary Cost Deductible?
YES for a service dog who helps the visually impaired and other people with physical disability. This includes the cost to purchase the service dog, training, dog food, grooming, etc. This is a MEDICAL EXPENSE. for 2014, this is done on Schedule A subject to the total medical being greater than 10% of Adjusted Gross Income (or 7.5% of AGI if…
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Life Estate Taxes to Seller
Tax Implications to the Seller The sale of a life estate in the home is considered a partial sale of an interest in real estate subject to income tax on any gain realized. The sale would qualify for the homestead exemption under Section 121 of the Internal Revenue Code that allows for an exclusion of gain…
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2014 Tax Law-not totally known
Technically, the sales tax deduction lapsed after 2013. Congress for the last several years has waited until December to decide what the law is… and much of it is retroactive. So, right now there is no sales tax deduction for vehicles and other major purchases…. but probably it will be un-lapsed (that a word?)… or renewed for…