Facing a lot of different tax questions this year? If you are interested in researching some of these issues on your own, the IRS has pulled together an overview of common tax issues in one convenient place — Publication 17, "Your Federal Income Tax." This updated publication, available on the IRS Web site, contains a vast array of helpful information in one guide.
From stock sales to student loans, this 280-page publication holds the answers to many of your questions, such as:
- Need help deciphering the mysteries of the Roth IRA? Try Chapter 18 for retirement accounts.
- Do you have a new child in the house? See Chapter 35 for the Child Tax Credit.
- Are you selling stock for the first time? Check Chapter 17 for capital gains. If you’re unloading losers, capital losses are there, too.
- Do you need to report the profit on your home sale? See Chapter 16 for some good news. Generally, you only need to report the sale of your home if your gain is more than $250,000 ($500,000 if married filing a joint return).
And the best part about Publication 17? It’s free. Access it now.
This daily Tax Tip has been provided by the IRS
Note: These tips are provided to help trigger ideas on ways to minimize your tax burden, not as a substitute for professional advice. There is no "one-size-fits-all" answer - each taxpayer's situation is different. You should contact your tax preparer to determine together how this may affect your unique situation.