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Are Financial Planning Fees Deductible?
Financial planners offer different fee set-ups for the services they offer. These include commission, a percentage of the value of assets under management (AUM), or fee-only. But are these financial planning fees deductible from your taxes? At one time, they were. But not these days.
Are Royalties Considered Investment Income?
Royalties are fees that one person or company pays to another for the use of their work, usually their intellectual property. Royalties are frequently used for licensing agreements, such as when a product manufacturer wants to use a popular song to advertise their product. In addition, writers may receive royalties when their book sells copies, and artists earn royalties when radio stations play their music, for example.
What Is Income in Respect of a Decedent (IRD)?
Estate taxes are paid when the estate owner passes. But what about taxes on income received after death? This is where Income in Respect of a Decedent (IRD) comes in. This article will discuss calculating the IRD deduction and how it affects any beneficiaries.
What is Deceased Spousal Unused Exclusion (DSUE)?
Estates are exempt from taxes upon death up to a certain amount. For 2022, the exemption is $12,060,000. Estates valued under this amount don't have to pay estate taxes. What happens to the remaining amount of the exemption for those estates that are less than the exemption? Does it go unused? This is where the Deceased Spousal Unused Exclusion comes in.
What Is a 1099-MISC Form, and What Is It Used For?
The IRS seems to like the numeric designation 1099, judging by how many versions they have produced. There are 21 different versions of the 1099-form.
Is Rental Income Subject to Self-Employment Tax?
Even Albert Einstein struggled to understand the intricacies of income taxes, famously stating, “The hardest thing in the world to understand is the income tax.”
Does a Rental Property Fall Under Section 1245 or Section 1250?
Section 1245 and Section 1250 refer to two of the three most common types of business assets. It's essential to identify the type because, in some cases, that will affect the taxable rate applied to any gain.
Is Inheritance Taxed as Income?
Leaving an inheritance to your loved ones is an excellent way to care for them after you’re gone. However, you may wonder if your beneficiaries will have to pay taxes on the assets they receive as part of your estate.
Can You Deduct Mortgage Interest on a Rental Property?
If you own a rental property and derive rental income from it, there are expenses that you can deduct on your tax return. These include operating expenses, property tax, depreciation, repairs, and mortgage interest. The mortgage interest deduction is a tax incentive for homeowners, which can sometimes apply to rental property.
How to Report the Sale of Inherited Property On a Tax Return
President Biden in April of 2021 proposed the removal of a key tax advantage for real estate called the step-up in basis for inherited property. Anyone who’s dealt with inherited property likely knows how important the step-up in basis can be for real estate that’s transferred to heirs upon the owner’s death.
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