What effect does marital status have on federal taxes?
What effect does marital status have on federal taxes?
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What are tax consequences of transferring stocks to the deceased’s estate vs. heirs?
The income or loss will be attributed to the estate or to the heirs for income tax purposes.
→ Read MoreWhat is gross income for tax reporting purposes?
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.
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