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3 votes

Do charitable deductions apply to long term capital gains, or only ordinary income?

You'll need to follow the capital gains tax calculation worksheet. The deduction will be applied first to the ordinary income (by reducing the total taxable income), and then to the capital gains (in ...
littleadv's user avatar
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1 vote

Costs deductible for vacation home built remotely with a builder

we had required bi-monthly meetings with the builder on-site The key word is "we". The IRS may argue that it was unnecessary. That said, if you have a written opinion of a licensed tax ...
littleadv's user avatar
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0 votes

Is there a 0% capital gains bracket?

Capital gains tax is 0% if your net income is below $44,625 (filing single). You should have no tax liability this year since you said the capital gains were your only income and all of it was below ...
NotHead's user avatar
  • 29
4 votes

Is there a 0% capital gains bracket?

I filled the numbers exactly as you described in the tax program and it showed up as $0 in taxes. Check your numbers again, you messed something up somewhere. You should be getting $29,150 as taxable ...
littleadv's user avatar
  • 171k
0 votes

Wash Sale Rule on a new repurchase and sale of the same stock

Please advise what is the best practice going forward to be able to use those $2000 in losses when filing my taxes. You won't be able to claim it on your 2023 taxes. If you sell the remaining shares ...
D Stanley's user avatar
  • 133k
1 vote

How to file for FIPRTA tax withholding and can I request interest from IRS?

However, IRS messed things up since they misplaced my payment. It took them three years to find it. And finally, I can apply for a refund this year. How's it your problem that the IRS messed ...
littleadv's user avatar
  • 171k
2 votes

Why do charitable donations of ESPP shares need to first be held long term for US tax purposes?

So is the situation really different for ESPP, and if so, why? If you haven't held through the required period for it to count cap gains, you're donating your salary and the rules are different. For ...
littleadv's user avatar
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