Facing a lot of different tax questions this year? IRS experts have pulled together an overview of common tax issues in one convenient place - Publication 17. "Your Federal Income Tax," available at the IRS Web site in the Forms and Pubs section, contains a vast array of helpful information in one guide.
From stock sales to student loans, people can get many of their questions answered in this 276-page publication. A sampling of the items covered in 38 chapters:
- 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 the markets have been tough and it's time to unload a loser, capital losses are covered 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.
This daily Tax Tip has been provided by the IRS