Investment

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Selling a home: Will you owe tax on the profit?

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September 14, 2021 , ,

tax on sold home

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in the West.

Be aware of the tax implications if you’re selling your home or you sold one in 2021. You may owe capital gains tax and net investment income tax (NIIT).

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There’s currently a “stepped-up basis” if you inherit property — but will it last?

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July 20, 2021 , , ,

inherited property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

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Can taxpayers who manage their own investment portfolios deduct related expenses? It depends.

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July 13, 2021

investment-related expenses

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income. But they’re deductible if they’re considered trade or business expenses.

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Plan ahead for the 3.8% Net Investment Income Tax

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June 1, 2021 , , ,

net investment income tax

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact.

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Steer clear of the wash sale rule if you’re selling stock by year end

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December 1, 2020 , ,

Wash Sale Rule

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule.

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How Series EE savings bonds are taxed

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November 10, 2020 ,

Series EE Savings Bonds

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is the interest you earn on EE bonds taxed? And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences?

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Buying and selling mutual fund shares: Avoid these tax pitfalls

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October 20, 2020 , ,

Mutual Fund Buying/Selling

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares.

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Can investors who manage their own portfolios deduct related expenses?

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September 22, 2020 , , , ,

investment expenses

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible?

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Homebuyers: Can you deduct seller-paid points?

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September 8, 2020 ,

Home Buying points

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun.

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Will You Have to Pay Tax on Your Social Security Benefits?

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August 25, 2020 ,

social security tax

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay?

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