Vacation Home Usage Has Tax Implications

If you want your vacation home to qualify as a rental property for federal income tax purposes, you'll need to limit your personal use. But, as the COVID-19 pandemic lingers on, you may want to increase the time spent at your home-away-from-home, rather than rent it out to others. Here's a summary of the federal income tax rules for vacation homes that are classified as rental properties to help you decide what's right for your situation.

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How Virtual Currency Transactions Affect Your Tax Situation

The IRS wants to know about any virtual currency transactions. However, many taxpayers are surprised to learn that Bitcoin and other forms of virtual currency are considered "property" for tax purposes, requiring you to report taxable gain, income, or loss on every exchange of virtual currency for goods, services, U.S. dollars, or a different virtual currency. Here are the details.

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Federal Tax News

Are you thinking about buying a plug-in electric car or truck? Fortunately, a tax credit is available for qualified vehicles. The base amount of the credit is $2,500 per vehicle. The vehicle must be new and have battery capacity of […]

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