• Wash-Sale Rule and Crypto

    Selling securities at a loss, then purchasing substantially identical securities within 30 days prohibits the capital loss write-off. This includes transactions between spouses and closely held corp. Crypto losses are CURRENTLY not considered securities.  Therefor the wash-sale rule does not apply. […]Read More… from Wash-Sale Rule and Crypto

  • 2024 Social Security COLA Increase

    Cost of Living Adjustment (COLA) will increase 3.2% for more than 71 million Americans.  For more information go to www.ssa.gov It is a good idea to go to www.ssa.gov and make sure the earnings records are correct.  When I did it, found 2 missing years.  Being that I keep all tax returns I was easily able to provide…

  • 2023 Home Energy Credit 

    Credit available up to $150 for home energy audit on principal residence. Auditor must provide signed written report with significant cost-effective improvements. Must also include estimate of energy & cost savings. For the first year 2023 the auditor need not be qualified. But for the following year 2024….. Put IRS Notice 2023-59 into Google. It…

  • 529 Account to Pay College Debt

    Up to $10k distributions from 529 accounts can be used to pay college debt… This is a LIFETIME limit, not an annual limit. 529 distributions exceeding $10k are taxable and subject to !0% penalty. […]Read More… from 529 Account to Pay College Debt

  • GEORGIA Unborn Heart Beat Detected is Dependent!

    In 2022, the Georgia Department of Revenue made changes to the definition of a dependent for the purpose of tax preparation. Georgia House Bill 481 added an unborn child with a detectable heartbeat to the definition of dependent, effective 7/20/22. On Georgia individual income tax returns filed for tax year 2022 where, at any time…

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