Is a HELOC Taxable Income? Canceled Debt and Interest Rules
Learn how a HELOC affects your taxable income, from the rule on borrowed funds to canceled-debt exceptions, interest deductions, and tax forms to watch for.
What Is PYA on a Tax Return and How Does It Work?
Learn how a PYA on a tax return works, from what triggers an adjustment and how corrections are filed to deadlines, interest, and effects on other years.
When Do You Stop Being a Dependent for Tax Purposes?
Learn when you stop being a dependent for tax purposes, from age and student cutoffs to income and support tests and what changes for both households.
IRC Section 338: Stock Purchase as Asset Acquisition Election
Learn how a Section 338 election recasts a stock purchase as an asset acquisition for tax purposes, from qualifying and choosing a version through filing.
How to Write Off a Vehicle Purchase as a Sole Proprietor
Learn how to write off a vehicle purchase as a sole proprietor, from choosing a deduction method to first-year limits, recordkeeping, and later changes.
Where to Find Parents’ Income Tax on Form 1040
Learn where to find your parents' income tax on Form 1040 for the FAFSA, from locating the right lines to handling situations where no return was filed.
What Happened to the Solatube Tax Credit?
Learn how the Solatube tax credit works for past installations, from checking eligibility to claiming the credit and handling rebates or cost basis.
Do Pastors Pay Income Tax? Housing Allowance, SECA, and Form 4361
Learn how pastors pay income tax under the IRS's dual clergy classification, from housing allowance rules and self-employment tax to filing and opting out.
What Are Class B Cigarettes Under Federal Law?
Learn how federal law defines Class B cigarettes, from the rules that set them apart to their taxation, market reality, and misclassification penalties.
Accounting for Insurance Proceeds: Gains, Losses, and Section 1033
Learn how accounting for insurance proceeds works, from booking the loss and receivable to measuring gains or losses and deferring tax under Section 1033.