Sentences with phrase «federal tax purposes»

The amount of the discharged debt will be considered income for federal tax purposes and possibly for state tax purposes.

Notice 2014 - 21 answered 16 questions, but also provided an avenue for answering even more, by stating that virtual currency is to be treated as property for federal tax purposes.

The IRS made it clear that cryptocurrency is treated as property for U.S. federal tax purposes in 2014's Notice 2014 - 21.

In 2013, the Supreme Court struck down the Defense of Marriage Act (DOMA) and recognized same - sex marriages for federal tax purposes in the landmark case United States v. Windsor.

An HSA offers a triple advantage.4 You can save pretax dollars (and possibly collect employer contributions), which have the potential to grow and be withdrawn tax free for federal tax purposes if used for qualified medical expenses — currently or in retirement.

For instance, if a $ 5,000 face amount bond (with a maturity of 10 years and a stated interest rate of 5 %, payable semi-annually) is issued for $ 4,628, the bond is treated for federal tax purposes as issued with $ 372 of original issue discount ($ 5,000 minus $ 4,628).

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college and K - 12 expenses

It's different for Federal tax purposes where we're able to carryback most of our Federal NOLs.

Note that the top of the form states in bold italics that «An IRS individual taxpayer identification number (ITIN) is for federal tax purposes only.»

Contributions to a 529 Plan do not reduce the taxable income of the contributor for federal tax purposes because they are made with after - tax dollars, much like a Roth IRA (Individual Retirement Account).

Since 2014, the Internal Revenue Service (IRS) has said virtual currency is treated as property for US federal tax purposes, issuing a guide for proper implementation.

According to the IRS, virtual currency is treated as property for U.S. federal tax purposes.

Donations to Planned Parenthood Advocates of Arizona are not deductible for federal tax purposes as a charitable contribution or business expense, and may be used for political purposes, such as supporting or opposing candidates.

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college expenses

Individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that aren't recognized as a valid marriage under relevant state law won't be treated as married or as spouses as defined in this policy for federal tax purposes.

But taxpayers would, the argument goes, be allowed to fully deduct the amount on their federal tax returns because the new law still allows most charitable giving to be deducted for federal tax purposes.

A statutory nonemployee, which includes direct sellers and licensed real estate agents, is treated as self - employed for all federal tax purposes, including income and employment taxes.

The agency provided a link to its 2014 guidance, which explained that «for federal tax purposes, virtual currency is treated as property.»

2) «For federal tax purposes, virtual currency is treated as property.

The IRS also says in Notice 2014 - 21, «For federal tax purposes, virtual currency is treated as property.

For example, the Internal Revenue Service regards bitcoin as property for federal tax purposes.

There is a large body of established tax principles and law for property that apply to cryptocurrency and how the gains, losses, income and transactions are treated for federal tax purposes.

However, individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that are not recognized as marriage under the relevant state law, will not be treated as married or as spouses as defined in this policy for federal tax purposes.

The bill itself lays out a series of employees who would not be covered by the guidelines, such as those workers who sell subscriptions and are treated as employees for federal tax purposes.

«I believe that it is important that the Treasury and the IRS issue guidance or a formal opinion letter whether taxpayer contributions to state authorized trust funds, partially reimbursed by credits reducing state and local income taxes, will be considered deductible for federal tax purposes,» Faso wrote in the letter.

Consistent with IRS guidelines, only the excess of the contribution over the fair market value of any items received in exchange for a contribution is deductible for federal tax purposes.

Since the state or local government issuing Form 1099 - G does not know whether the taxpayer is eligible to report the refund as income for federal tax purposes, any taxpayers with a refund of $ 10 or more will receive this form.

Unemployment is taxable income for federal tax purposes, while Social Security is only taxable if your income from certain sources exceeds a specified threshold.

You can't claim the AOTC if you were a nonresident alien for any part of the tax year unless you elect to be treated as a resident alien for federal tax purposes.

Please remember the tuition and fees deduction can only be taken on the Iowa return if the same deduction was taken for federal tax purposes.

If you're non-resident - your income (for Federal tax purposes) is separate.

Because same - sex married couples are considered unmarried for federal tax purposes, they can qualify for HOH status.

The following rules apply to same - sex individuals who are considered married for federal tax purposes:

In 1986, the Tax Reform Act required that interest on private activity bonds (other than 501 (c)(3) obligations) issued after August 7, 1986 be included in the calculation of AMT income for federal tax purposes.

This discussion was aimed at same - sex married couples, but it applies to any situation where two people are considered unmarried for federal tax purposes (so, unmarried people in a same - sex relationship and unmarried people in an opposite - sex relationship).

After the ruling, any same - sex couple that was married in a state that recognized same - sex marriage would then be treated as married for federal tax purposes.

For federal tax purposes, the multiple income streams from a land contract are all treated differently.

For federal tax purposes, «marriage» is defined as a legal union between a man and a woman as husband and wife, and «spouse» is defined as a person of the opposite sex who is a husband or wife.

For federal tax purposes, the information provided to each investor on his or her K - 1 is then included on the investor's federal tax return.

Individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that aren't recognized as a valid marriage under relevant state law won't be treated as married or as spouses as defined in this policy for federal tax purposes.

For federal tax purposes, a boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.