Capital Gains, Losses and Sale of Home

You may be trying to get your brain around how to figure out basis of property that you receive as a gift. Here’s what you have to consider: The adjusted cost basis to the donor just before he or she made the gift to you.The fair market value (FMV) at the time...

Living Wills — and How to Use Them

If you find yourself on life support, who will make decisions for you? Unfortunately, it’s been estimated that fewer than one in three Americans have what’s called a living will or advance health care directive. But no matter what you call it, it’s...

Can You Still Deduct Meal Expenses?

The Tax Cuts and Jobs Act made changes to deductions for meals. In fact, it eliminated the deduction for any expenses related to activities that used to be considered entertainment, amusement or recreation. But you’ll be glad to hear that you may continue to...

Do You Have to File an Information Return?

If you engaged in certain financial transactions during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. Below are some of the transactions that you have to report. Services...