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When the sale of an appreciated home triggers taxes — and when it doesn’t
/in News, Tax Tips - Individual/by Betty KimHome values have risen significantly in many areas of the country over the last several years, leaving some homeowners with substantial gains when they sell. Of course, a large profit is generally a good thing. But, depending on the amount of your gain, how long you’ve owned and resided in the home, and your income […]
Don’t overlook these tax issues after a job loss
/in News, Tax Tips - Individual/by Betty KimEven with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across many industries. If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss also may require attention. Here […]
The “kiddie tax” can apply long after childhood
/in News, Tax Tips - Individual/by Betty KimMany parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the parent’s higher tax rate. The purpose of […]