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Scholarships are usually tax free but they may result in taxable income
/in News, Tax Tips - Individual/by Betty KimIf your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct […]
[IRS Tax Tip] Here’s why taxpayers should have an IRS online account
/in News, Tax Tips - Individual/by Betty KimHere is a tax tip recently released by the IRS we find super helpful for our clients! An IRS online account is an safe an easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system. Taxpayers can view: Their […]
There’s currently a “stepped-up basis” if you inherit property — but will it last?
/in News, Tax Tips - Individual/by Betty KimIf you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]