Friday, January 24, 2025

Tax Write-Offs : Common Tax Write-Offs You Can Claim On Your Next Return - Itemized deductions - Standard deductions - crypto bankruptcies

''Tax Write-Offs : Common Tax Write-Offs You Can Claim On Your Next Return...

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Taxpayers can take advantage of numerous deductions and credits on their taxes each year that can help them pay a lower amount of taxes—or receive a refund from the IRS.

You may be able to claim the following 15 common write-offs, which include both tax credits and deductions. Additionally, you may be entitled to write-offs on your state taxes, so check your state tax department’s website to see if you qualify.

 

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1. Property Taxes
Under the Tax Cuts and Jobs Act, deductible state and local income taxes, including property taxes, are capped at $10,000.

The limit is scheduled to last through the 2025 tax year, unless Congress extends it.
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2. Mortgage Interest
The interest you pay for your mortgage can be deducted from your taxes. The write-off is limited to interest on up to $750,000 ($375,000 for married-filing-separately taxpayers) of mortgage debt incurred after December 15, 2017.

If you got your mortgage before December 16, 2017, you can deduct interest on up to $1 million of debt ($500,000 for married taxpayers who are filing separately).
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3. State Taxes Paid
Again, you can deduct state income taxes that you have paid, but the write-off is capped at $10,000 for all deductible state and local taxes.
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4. Homeowner Deductions
You can deduct mortgage interest, as mentioned above, as well as real estate taxes that you paid during the year for your home.
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5. Charitable Contributions
Generally, you can deduct charitable contributions of cash totaling up to 60% of your adjusted gross income, or AGI. Donations of items or property also are considered deductible charitable contributions.
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6. Medical Expenses
Medical and dental expenses qualify for a tax deduction, though you can deduct only the costs that exceed 7.5% of your AGI.

To claim medical-related expenses on your 2023 tax return—which you’ll file in April 2024—the expenses must have been paid in 2023, unless they were charged to a credit card. In those cases, you can deduct the expenses in the year you charged the card, not necessarily the year in which you repaid them.

Trips to your doctor’s office or hospital appointments qualify for medical mileage. For 2023, you can deduct 22 cents a mile for travel you made for medical purposes.
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7. Lifetime Learning Credit Education Credits
The lifetime learning credit allows people to claim a tax credit for taking classes at a community college, university or other higher education institution. The maximum amount of expenses you can deduct is up to $10,000 for an unlimited number of years. However, the top credit you can receive per tax return is worth $2,000.
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The credit allows for a dollar-for-dollar reduction on the amount of taxes owed. The expenses can include tuition, fee payments and required books or supplies for post-secondary education for yourself, spouse or dependent child. The credit isn’t refundable, which means it can be used to pay any taxes you owe, but you can’t receive any of it as a refund.

The amount of your credit depends on your income. You should check IRS Publication 170 to determine the income qualifications.
Note: You can’t claim this credit in the same year as the American opportunity tax credit using the same expenses.
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8. American Opportunity Tax Education Credit
The American opportunity tax credit offers a tax break for the first four years of higher education. The maximum annual credit is $2,500 per eligible student. If the amount of taxes you owe is zero because of this credit, the IRS says 40% of any remaining amount of the credit (with a maximum of $1,000) can be refunded to you.
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The credit is worth 100% of the first $2,000 of qualified education expenses paid for each eligible student and 25% of the next $2,000 of qualified education expenses.
“If you, your spouse, or child are in school, make sure to look deeper into education credits,” says Daniel Fan, managing director and head of wealth planning at First Foundation Advisors, an Irvine, California-based financial institution.

 “For students who are in the first four years of college, this credit could provide greater tax savings than the lifetime learning credit.”

Qualifying expenses include tuition, fee payments and required books or supplies for post-secondary education for yourself, spouse or dependent child.
 

The amount of your credit is determined by your income. You can’t claim this credit in the same year that you claim the lifetime learning credit.
9. Retirement Credits
The contributions you make to a retirement plan such as a 401(k) or a traditional or Roth IRA give you a tax credit of 50%, 20% or 10%, depending on your AGI, which you report on Form 1040. Any rollover contributions do not qualify for the credit.

The maximum contribution amount that qualifies for the credit is $2,000 ($4,000 if married filing jointly), making the maximum possible credit $1,000 ($2,000 if married filing jointly). The IRS has a chart to help you calculate your credit.
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10. IRA Contributions
The maximum contribution for 2023 in a traditional or Roth IRA is $6,500, plus another $1,000 for people who are 50 years old or more. Your contributions to a traditional IRA are tax-deductible.
The amount increases to $7,000 for contributions during 2024, but there’s no change in the catch-up amount for people aged 50 and older.
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11. Self-Employed Health Care Premiums
If you’re self-employed, you can deduct 100% of the health insurance premiums you pay monthly for yourself, your spouse and your dependents, whether or not you itemize deductions, says Robert Charron, a CPA in charge of the tax department at Friedman, a New York-based accounting firm.

If you have kids under 27 at the end of 2023, you can also deduct their premiums—even if they aren’t dependents.
However, you can’t claim this deduction if you’re eligible to participate in a subsidized health plan from an employer for yourself, your spouse, dependents or kids under 27.
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12. Student Loan Interest
Student loan interest can be written off your taxes, but the maximum interest you can deduct is $2,500. The amount you may write off depends on your income. Review IRS Publication 970 for more information.
13. Adoption Tax Credit
You may qualify for the adoption tax credit for expenses paid related to the adoption of an eligible child. Some costs that qualify are:
    * Reasonable and necessary adoption fees
    * Court costs and attorney fees
    * Travel expenses
    * Other expenses directly related to the principal purpose of the legal adoption
While the credit is nonrefundable, you can carry forward any unused credit for up to five years. The tax credit for the 2023 tax year is $15,950 per child.
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14. Home Office Deduction
If you are self-employed or a partner, you can deduct business expenses that are related to your home. However, you can’t take the home office deduction if you are an employee.
Two options are available when deducting the home office deduction: the simplified method and the regular method. 

The simplified method is easier to use. You multiply the square footage of your home office by $5. You can deduct a maximum of $1,500 (up to 300 square feet).

The regular method allows you to claim actual expenses, such as rent, mortgage interest and repairs, based on the percentage of your home that’s dedicated to your home office. For example, let’s say your home office is 400 square feet, and your total home square footage is 1,600. You can claim 25% (400/1,600) of your total qualified home-related expenses.
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15. Solar Tax Credit
You may claim up to 30% of qualified home improvements, including solar water heaters and solar electric panels installed from 2022 through 2032. After 2032, the credit percentage rate decreases to 26% for qualified solar installations that are placed in service in 2033 and 22% for those in 2034.
The credit is nonrefundable. However, you can carry any remainder forward to future years until the credit is exhausted.
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Tips for Writing Off Your Expenses and Charitable Contributions
Keeping a good record of your income and deductible expenses in a spreadsheet throughout the year can make filing taxes a lot quicker and easier.


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Standard Deduction:
    * The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness.
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    * The IRS offers two major options for lowering your taxable income: the standard deduction and itemized deductions. Most taxpayers opt for the standard deduction simply because it's less work than itemizing, but that doesn't mean it's the right choice for everyone.
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    * What is the standard deduction?

The standard deduction is a set amount you can subtract from your income to reduce how much of that income is taxed. The IRS lets most people take the standard deduction without having to prove anything. You can think of it as a way to lower part of your income so you pay less in taxes. Each year, the IRS updates the standard deduction to keep up with inflation, so it tends to increase over time.

Your standard deduction amount usually depends on your tax filing status. For example, people married filing jointly get a bigger deduction than single filers. Those 65 and older or blind may also be eligible for an additional standard deduction.
However, if someone else claims you as a dependent (such as your parents), your standard deduction could be much lower than those of other statuses.
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    * Standard deduction for those 65 and older

People 65 and older and those who are blind are entitled to an extra standard deduction amount that they may add to their existing base standard deduction. How much extra depends on filing status and which situations apply.
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    * How the standard deduction works
You can either take the standard deduction or itemize deductions on your tax return, but you cannot do both. Most people are automatically eligible for the standard deduction. It is also a popular choice because it's easy to take and can give a bigger benefit to those without a lot of deductible expenses.--------
Itemized Deductions: What They Are, How to Claim

Itemized deductions, on the other hand, are individual expenses, such as mortgage interest or business mileage, that are considered deductible by the IRS. People who incur a lot of these types of expenses throughout the year may consider itemizing on their return if it reduces their taxable income by more than the standard deduction. If you itemize, you should hang onto records supporting your deductions in case the IRS decides to audit you.
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    * Itemized deductions are IRS-allowed expenses that can directly reduce your taxable income. You may consider itemizing your deductions if your individual expenses add up to more than the standard deduction
    *
        * Itemized deductions are IRS-allowed expenses that can directly reduce your taxable income.
        * You may consider itemizing your deductions if your individual expenses add up to more than the standard deduction.
        * Common itemized deductions include medical expenses, charitable contributions and mortgage interest costs.
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    * What are itemized deductions?
Itemized deductions are certain expenses allowed by the IRS that can decrease your taxable income (the amount of your income that's subject to taxes). When you itemize on your tax return, you opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction
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    * Types of itemized deductions
There are many types of itemized deductions, but claiming them can be complicated. Each type of deduction usually has its own set of rules about who and what qualifies, so make sure to learn more about each benefit to understand if it makes sense for your situation.
Here are a few of the most common itemized deductions:
Medical expense deduction

The IRS lets taxpayers deduct a certain percentage of unreimbursed medical and dental expenses they've amassed throughout the year. The keyword here is unreimbursed: to qualify, expenses must have been paid for out of pocket, meaning your insurance could not have covered them or reimbursed you for them. These types of expenses can include prescription drugs, payments to doctors, hospital care, dentures and more.
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When to claim the standard deduction

If your standard deduction is less than your itemized deductions, you probably should itemize and save money. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard and save some time.
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    * Standard deduction for dependents
If you're filing a tax return but are still being claimed as a dependent by someone else, your standard deduction depends on your earned income.

    * For the 2024 tax year, the standard deduction for dependents is $1,300, or earned income plus $450. If you take the second route, note that the final number can not exceed the standard deduction for your tax filing status

    * For the 2025 tax year, you can either take a flat $1,350, or however much your earned income was, plus $450, not to exceed the maximum standard deduction amount for that tax filing status.
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Rental Property Tax Deductions for Landlords...
The government allows you to deduct some expenses associated with running a rental property. The IRS stipulates that deductible expenses must be ordinary and generally accepted in the rental business, along with being necessary for managing and maintaining the property.
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1. Mortgage Interest
Most homeowners use a mortgage to purchase their own home, and the same goes for rental properties. Landlords with a mortgage will find that loan interest is their largest deductible expense. 

To clarify, you can’t deduct the portion of your mortgage payment that goes toward the principal loan amount. Instead, the deduction only applies to payments toward interest charges. These components will be listed separately on your monthly statement, and are therefore easy to reference. Simply multiply the monthly amount by 12 to get your annual total interest.

In addition to mortgage interest, you can deduct origination fees and points used to purchase or refinance your rental property, interest on unsecured loans used for improvements and any credit card interest for purchases related to your rental property. Come tax time, you must have already spent money on these purchases to qualify.
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2. Property Taxes
Almost every state and local government collects property taxes. Depending on your rental property’s location, they can range anywhere from a few hundred dollars to hundreds of thousands. You can find the exact tax rate in your area by checking your escrow summary or inquiring with your tax professional. If your state has rental licensing requirements, you can also deduct any accompanying landlord or vacation rental license fees.

You should note that the IRS limits the deduction of state and local income, as well as sales and property taxes to a combined deduction of $10,000 ($5,000 for married taxpayers filing separate returns). This means you cannot deduct state or local taxes paid above the limit.
If you manage short-term rentals, your state, city, county or town may charge a kind of fee known as an occupancy tax. Very similar to sales tax, you can deduct occupancy taxes too.
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3. Travel and Transportation Expenses
If you’re a landlord who travels to multiple properties or your rental is located far from your residence, your transportation expenses are deductible. This includes paying to show your rental property, collecting rental income and conserving your rental property throughout the year. Not part of this policy, however, are any reasonable commutes you regularly make.
You can deduct travel using two methods: actual expenses or the standard mileage rate. For 2024, the standard mileage rate for business use was 67 cents per mile.
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4. Real Estate Depreciation
Over time, wear, tear and obsolescence lower the value of your rental property and its contents. This process, known as depreciation, is tax deductible. You can claim depreciation as soon as your home or apartment is available for rent, even if you don’t have any tenants yet.
 
 The deduction can be taken for the expected life of the property, but it must be spread out over multiple years (Note that the IRS says rental properties can depreciate over 27.5 years.) Keep in mind, though, that the value of the structure can depreciate, but not the value of the land.
 
You can also claim the value of equipment that helps you run your rental business, like your computer or automobile, as well as improvements you make to the property that add value, adapt its use or extend its life. This could include installing a new roof, adding furniture or updating the household appliances.
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5. Maintenance and Repairs
While home improvements are deductible through depreciation, the tax code does allow you to deduct certain repair and maintenance costs separately. The big difference is that these efforts keep your property in rentable condition, but do not add significant value.

According to IRS Publication 527, examples of improvements include additions (bedrooms, bathrooms, decks, garages, patios, porches), landscaping, heating and air conditioning, plumbing, insulation, interior upgrades (kitchen, built-in appliances, wall-to-wall carpeting, and other miscellaneous repairs (roofing, storm windows, security systems, wiring).

If you hire someone else to do the work, you can deduct the labor costs. The same goes for property or on-site managers, should you choose to hire one. If you take the “do-it-yourself” approach, you can deduct any rental fees for tools and equipment. Homeowner association and condo fees are also deductible following the same principle.
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6. Utilities
Every landlord handles utilities differently. If you choose to cover things like gas, electricity, water, heating and AC for your tenant, they’ll be tax deductible. If you pay for internet, cable or satellite, you can deduct those as a utility expense as well. Even if your tenant agrees to reimburse you for utilities later, you can continue to file the rental property deduction and claim the reimbursement as income.
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7. Legal and Professional Fees
Landlords can deduct certain professional fees from the rental property. If you use a CPA or computer software to prepare your tax return, be sure to deduct the cost. Hire a lawyer to oversee rental paperwork at any point in the year. Deduct those exorbitant hourly fees. If you used a real estate agent to find your tenants, deduct the commission. Advertise the property in the newspaper, over the radio, or online. Deduct those ad dollars.
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8. Insurance Premiums
Lenders can stipulate that homeowners get an insurance policy before securing their mortgage. Luckily, any form of insurance is considered an ordinary and necessary rental property expense and is thus deductible. The deduction applies to basic homeowners insurance as well as special peril and liability insurance.

If you have employees, you can deduct the cost of their health and workers’ compensation insurance too. Although insurance premiums tend to be a bit higher for rentals, this boost can help offset that. Landlords can also deduct losses, including those caused by hurricanes, earthquakes, floods or theft.

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9. Office Space

Whether you conduct business in a commercial property or a spare bedroom, you can deduct the accompanying costs. Square footage or rental costs will probably be the largest expenses. However, you can also include the price of a printer, computer software and anything else you use.

Keep documentation of the purchases you make and record the time you spend managing your rental property. This is one of the most commonly flagged deductions. In turn, be sure you’re keeping yourself honest about the breakdown between business and personal use

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Form 4952: Investment Interest Expense Deduction...

If you borrow money to purchase an investment, you may qualify for a tax break. The IRS allows certain taxpayers to take a tax deduction for the interest expense on some loans using Form 4952.
 
 However, the tax ramifications of investment interest can be complicated, as the IRS only allows a deduction for certain types of investment interest. Additionally, the Alternative Minimum Tax (AMT) could completely disallow the use of your investment interest deduction.

 
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    * Form 4952 is used to claim a tax deduction for your investment interest expenses.
    * The form requires you to calculate your total investment interest expense, determine your net investment income, and figure out any disallowed investment expense that can be carried forward.
    * You might not be able to use the investment interest deduction if you're subject to the Alternative Minimum Tax (AMT).

    * Only certain types of investment interest qualify for the deduction, and the amount that you can deduct is limited to the amount of your net investment income.
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Investment interest expense and income
One of the most common examples of investment interest expense involves the use of a margin loan at a brokerage. 

If you "go on margin" with your stockbroker, it means you're borrowing money from the firm to buy stocks or other investments. The interest you pay on that margin loan is qualifying investment interest.
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You can only take a deduction for investment interest expenses that is lesser than or equal to your net investment income. For example, if you have $3,000 in margin interest but net investment income of only $1,000, you can only deduct the $1,000 in investment interest in the current year.

 

The IRS does allow you to carry forward the disallowed deduction into future years, however. In this example, you can use the $2,000 in disallowed expenses for this year in a future year, but the same restrictions continue to apply. You must have net investment income to deduct qualifying investment interest.
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Investment interest expense limitations
Not all interest you pay on investment loans is allowed as a deduction. The IRS specifically prohibits certain types of investment interest from qualifying, including the following:

    * qualified home mortgage interest
    * interest used to generate tax-exempt income, such as if you go on margin to buy a municipal tax-free bond
    * option straddles, which are an advanced investment strategy not applicable to most investors
    * interest taken into account when computing the gain or loss on any passive activities
Alternative Minimum Tax (AMT)

Thanks to the Alternative Minimum Tax, if you fill out one Form 4952, you'll always have to complete a second one for AMT calculations. The AMT is designed to ensure that certain individuals pay at least a minimum amount of tax by adding back in items that may have been excluded from a traditional tax calculation.

Investment interest is one of those deductions disallowed under the AMT. The instructions for Form 4952, "Investment Interest Expense Deduction," and Form 6251, "Alternative Minimum Tax—Individuals," instruct taxpayers on how to compute the correct taxes under both systems. Ultimately, whichever of your Form 4952s shows the higher tax is the one you will have to file with the IRS.
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A real estate option is a specially designed contract between a buyer and a seller. The seller offers the buyer the option to buy a property for a specified period of time at a fixed price. The buyer purchases the option to buy or not buy the property during that time. https://www.facebook.com/Antonyrealestate
 
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Real estate options aren’t available on exchanges, they don’t have fluctuating prices beyond the contracted premium, and they don’t usually cover multiple units.
 
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What Is a Real Estate Option?
Direct real estate investments come with many unique considerations that usually don’t apply as strictly to the variety of other real estate alternatives.
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For interested or advanced investors, a real estate option as a provision to a contract to buy a real estate property directly may be a potential opportunity.
 
Real estate options come with an additional level of complexity as well as their own unique parameters.
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Broadly, a real estate option is a specially designed contract provision between a buyer and a seller. The seller offers the buyer the option to buy a property by a specified period of time at a fixed price.
 
The buyer purchases the option to buy or not buy the property by the end of the holding period. For the right of this option, the buyer pays the seller an option premium. If the buyer decides to buy the property (in other words, exercise the real estate option), the seller must sell the property to the buyer according to the terms of the pre-existing contract.
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You may have encountered the concept of options when purchasing stocks. Options provide some additional choices to a buyer with terms based on the underlying asset. 
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Options in general can be exercised early, held until option expiry, or possibly sold to a second buyer before expiration.
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 Real estate options are commonly used by property developers and investors in commercial or high-end residential property deals. 
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Real estate options provide more flexibility and potentially a greater investing opportunity to buyers, with limited benefits to sellers.
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There can be a multitude of drafted real estate options incorporated as part of a real estate purchasing contract agreement. Some of the most common include:
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  • Form 1099-DA is the new IRS form required to be filed by brokers dealing with digital assets like cryptocurrency and NFTs (non-fungible tokens). Brokers, digital trading platforms, payment processors, and hosted wallet providers have to issue this form for all digital asset sales or exchanges starting from January 1, 2025.
  • ------------------------------
  • Real estate reporting entities also have to report digital assets used by purchasers as payment for property transactions beginning with the same date.
  • Current methods of reporting crypto transactions present challenges such as inconsistent reporting, incomplete information, and lack of third-party verification which can lead to tax reporting errors and tax evasion.
  • Form 1099-DA provides a more accurate, standardized, and streamlined process for reporting crypto transactions which may help improve tax accuracy and compliance.
  • Computation and Basis Rules: The proposed regulations set forth rules for gain (or loss) computation, cost-basis determination, and backup withholding applicable to digital asset transactions.
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  • Lack of Third-Party Verification: The IRS relies on taxpayers to accurately report their crypto transactions, without any third-party verification. There is also a lack of accountability for companies in reporting crypto transactions. This can make it difficult for the IRS to detect and prevent tax evasion.

What's included in Form 1099-DA?

The final version Form 1099-DA is not finalized yet. However, it may include information about your crypto transactions, including:

  • digital asset broker identification
  • account number
  • transaction dates
  • transaction type (e.g., buy, sell, exchange)
  • transaction amount
  • fair market value of the digital assets for each transaction
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Who is affected by the new tax form?

Form 1099-DA will affect any individual or entity in the US that engages in certain transactions involving virtual assets. This includes:

  • individuals who buy, sell, or trade cryptocurrency
  • businesses that accept cryptocurrency as payment
  • miners who receive cryptocurrency as a reward for their work
  • stakers who receive cryptocurrency as a reward for locking-up their assets
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Who will issue Form 1099-DA and who will receive one?

Digital asset brokers, and those who are treated as brokers for digital asset exchanges, will be required to issue Form 1099-DA to investors who have engaged in certain transactions involving digital assets. This includes, among other things, transactions that result in a gain or loss, as well as transactions that involve the exchange of one digital asset for another.

Investors who receive Form 1099-DA will typically need to report the information on their tax return. This includes reporting any gains or losses from digital asset transactions, as well as any other income that is reported on the form.
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Form 8949: This form is used to report the details of each cryptocurrency transaction, including the date, description, proceeds, and cost basis. Taxpayers should include Form 8949 with their Form 1040 if they have any capital gains or losses from cryptocurrency transactions. If the cost basis of your asset sales on your 1099-B, or future 1099-DA, show basis was reported to the IRS and no correction or adjustment is needed, you may not need to file Form 8949

You can use a Crypto Tax Calculator to get an idea of how much tax you might owe from your capital gains or losses from crypto activities.
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How are crypto bankruptcies taxed?

Crypto bankruptcies are generally treated as taxable events. If you experience a loss due to a crypto bankruptcy, you may be able to claim a capital loss on your tax return. However, the specific tax implications of a crypto bankruptcy can vary depending on your individual circumstances.

How are crypto donations taxed?

If you donate cryptocurrency to a qualified charity, you may be eligible for a charitable deduction. The specific tax implications of crypto gifts and donations can vary depending on your individual circumstances.
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Child Tax Credit: Top 7 Requirements...

  • here are seven qualifying tests to determine eligibility for the Child Tax Credit: age, relationship, support, dependent status, citizenship, length of residency and family income.
  • If you aren't able to claim the Child Tax Credit for a dependent, they might be eligible for the Credit for Other Dependent.
  • The standard child tax credit is non-refundable, but the Additional Child Tax Credit is refundable allowing for up to a $1,700 refund even if you don't owe any tax.
  • To fight against fraud, the IRS can delay the processing of refunds that include the Child Tax Credit. but this shouldn't discourage you from claiming this valuable tax benefit.
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Child Tax Credit for the 2024 and 2025 tax years....

1) Age test - For these tax years, a child must have been under age 17 (i.e., 16 years old or younger) at the end of the tax year for which you claim the credit.

2) Relationship test - The child must be your own child, a stepchild, or a foster child placed with you by a court or authorized agency. An adopted child is always treated as your own child. ("An adopted child" includes a child lawfully placed with you for legal adoption, even if that adoption is not final by the end of the tax year.) You can also claim your brother or sister, stepbrother or stepsister. And you can claim descendants of any of these qualifying people—such as your nieces, nephews and grandchildren—if they meet all the other tests.

3) Support test - To qualify, the child cannot have provided more than half of his or her own financial support during the tax year.

4) Dependent test - You must claim the child as a dependent on your tax return. Bear in mind that in order for you to claim a child as a dependent, your child has to:

  • be your child (or adoptive or foster child), sibling, niece, nephew or grandchild
  • be under age 19, or under age 24 and a full-time student for at least five months of the year; or be permanently disabled, regardless of age
  • have lived with you for more than half the year
  • have provided no more than half of their own support for the year

5) Citizenship test - The child must be a U.S. citizen, a U.S. national or a U.S. resident alien. (For tax purposes, the term "U.S. national" refers to individuals who were born in American Samoa or in the Commonwealth of the Northern Mariana Islands.)

6) Residence test - The child must have lived with you for more than half of the tax year for which you claim the credit. There are important exceptions, however:

  • A child who was born (or died) during the tax year is considered to have lived with you for the entire year.
  • Temporary absences by you or the child for special circumstances, such as school, vacation, business, medical care, military services or detention in a juvenile facility, are counted as time the child lived with you.
  • There are also some exceptions to the residency test for children of divorced or separated parents. For details, see the instructions for Form 1040.
7) Family income test - The Child Tax Credit is reduced if your modified adjusted gross income (MAGI) is above certain amounts, which are determined by your tax-filing status. For the 2024 and 2025 tax years, the phaseout of the credit begins with $200,000 in income ($400,000 for Married Filing Jointly).
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Advantages - And Benefits Of Investing In Real Estate...
Epi Siw Gen Kay Pou Vann = www.twitter.com/agentantony
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Real estate is one of the most solid and strong assets to invest in.
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A Guide to Investing in real estate...
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Real Estate is the absolute pathway to build wealth. antonyrealestate.blogspot.com/
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Simple Ways to Invest in Real Estate
Real Estate Vs. Stocks
Real estate is less volatile than stocks, whose value can rise or fall more quickly. But real estate is less liquid than stocks: It’s easier to sell your stocks and gain access to your money than it is your real estate investments. knowledgefinancialgroup.blogspot.com
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Real Estate Vs. Bonds... WWW.VISIONONECAPITAL.BLOGSPOT.COM
Bonds are one of the safer investments. You usually won’t lose money by investing in them. Their gains tend to be smaller, though. You have the chance to make higher gains by investing in real estate, though your risk of losing money is also higher. = FACEBOOK.COM/KNOWLEDGEFINANCIAL
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Real Estate Vs. CDs
Investing in CDs is similar to investing in bonds: These are among the safest of investments, and it’s rare to lose money when investing in them. But like bonds, your gains are generally lower than what you might earn when you invest in real estate.
Knowledge Financial Group = knowledgefinancial.blogspot.com
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Real Estate Vs. Mutual Funds
Mutual funds are a long-term investment. Generally, if you hold onto your mutual fund investments long enough, they’ll increase in value, though appreciation is not guaranteed. 
 
Like with stocks, it’s easier to invest in mutual funds than in real estate.
 Real estate investments, though, can provide a hedge against the economic downturns that can cause mutual fund investments to fall in value. =
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When buying real estate make sure you have realistic expectations; and be flexible, Keep your options open.
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Financial Knowledge - Financial Education @
The Fundamental Of Investing / Everything Entrepreneurs - Investors - Traders -
Business Oriented People Need To Know... www.fruitalinvestment.blogspot.com
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Knowledge Financial Group -
is an absolute trusted source for education and knowledge ...
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WHY NOT INVITED YOUR FRIENDS TO WHERE THE
KNOWLEDGE IS? 
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Knowledge is the most powerful ingredient in the recipe of
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Sufficient Knowledge To Live Comfortable''
The Fundamental Of Investing at KNOWLEDGE FINANCIAL GROUP - WWW.KNOWLEDGEFINANCIALGROUP.BLOGSPOT.COM
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Anthony Real estate
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