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How To Report Stock Options, Wash Sales, and Cash in Lieu on Form 8949
If you read our blogs on a regular basis, you’ll know that we’ve authored several articles about Form 8949. The IRS’s website states that the form’s official purpose is to “reconcile amounts that were reported to you and the IRS on Form 1099-B or 1099-S.” With that in mind, we’ve written about Form 8949 in reference to capital gains tax reporting, as well as inherited property tax and opportunity zone deferrals.
Do You Pay Inheritance Tax on Life Insurance?
In this day and age, it seems as though just about everything is taxable. Income is taxable (both in the form of wages and dividends). So are capital gains when selling capital assets. Then there are estate taxes and state inheritance taxes.
What Is a 1099-S Tax Form and What Is It Used For?
The IRS uses the 1099 Form for taxpayers to report various miscellaneous income other than wages. These include contractor pay, rental income, and income from interest and dividends. However, the 1099-S is specifically used to report the proceeds from real estate transactions so that the taxpayer can accurately reflect gains or losses.
What is the Unlimited Marital Deduction?
In the United States, the federal government charges a tax when individuals give money or other items of value to others, whether during the givers’ lifetime or upon their death. These levies are gift and estate taxes, and sometimes inheritance taxes, and in some cases, they can be significant. While gifts to political or charitable organizations are not included in funds subject to gift taxes, many gifts given to other people can be. Here are some of the rules:
How to Fill Out IRS Form 8949 For The Sale of a Home
When selling a capital asset, the IRS requires you to fill out Form 8949. While you’ve probably sold plenty of capital assets, you may have never heard of Form 8949. That is likely because your accountant handles all of your tax filings or software fills in this form automatically for you. Either way, let’s go over what Form 8949 is all about.
What is a 1099-DIV Form and What is it Used For?
If you receive dividends from financial investments during the calendar year, you should receive an IRS Form 1099-DIV in the mail come tax season. The 1099-DIV is an IRS form that financial institutions use to report income from distributions and dividends to taxpayers.
What Is IRS Publication 530?
Filing federal taxes can be a complicated and stressful process. Homeowners may wonder if they qualify for tax deductions or other benefits that lower their tax liability.
What is Form 706, and What Is It Used For?
IRS Form 706 is used by an executor of an estate to calculate the estate tax due for a decedent. It is also used for the determination of a generation-skipping transfer tax. Form 706 is required for an estate with a value of more than $11.7 million (rising to $12.06 million for those passing in 2022), including the gross estate, adjusted taxable gifts, and specific exemptions. Note: the threshold for filing form 705 was much lower until the passage of the Tax Cuts and Jobs Act, which is set to expire in 2025. If Congress does not extend the law (or this particular provision), the threshold will revert to the $5.49 million or an amount adjusted for inflation.
What States Have Inheritance Tax?
An inheritance tax is different from an estate tax. An inheritance tax is levied against the individual who inherits assets or money from someone who dies, while an estate tax is a tax on property transfer after death. An estate tax calculates the current fair market value of all the property in an estate, minus certain deductions.
What Are Pre-Tax Deductions?
Pre-tax deductions are one of two types of benefits deductions: pre-tax deductions and post-tax deductions. They can be difficult to navigate; however, they play a major role in how employers handle employee paycheck tax obligations. Here’s what you need to know to make the most out of pre-tax deductions.
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