The income or loss will be attributed to the estate or to the heirs for income tax purposes.→ Read More
General Income Tax Law Questions
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I had $15,000 in an IRA in 2000 that was converted to a Roth when the market peaked. Now it is worth $9000. But I am liable for the income tax on the value of the IRA at the time of the rollover–$15,000. How can I reduce my liability? What was the 2010 IRA conversion rule changes?
You can recharacterize to avoid taxes if the value of your IRA dropped after converstion to a Roth.→ Read More
Gross income is almost everything of value received by a taxpayer during the taxable year. In fact, the law is that everything of value a taxpayer receives during the year is income unless the taxpayer can establish that it is not income. The amount of that income is the value of what is received. Gross income includes, wages and salaries, interest, dividends, stock sales, self employment income, income from business entities, prizes, rents, real estate sales, bartering, babysitting and most other forms of income. Basically, any money that you receive from any source, is almost always part of gross income.→ Read More
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