Tax Laws

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Q&A
Asked by bgggirl
Answered by Michael Karu, CPA/CFF/CGMA in Livingston, NJ
The short answer is no. However, if you receive interest on the proceeds, the interest is taxable.
Q&A
Asked by vickicastro75
Answered by David Meyers, Financial Adviser in Palo Alto, CA
The IRS will not directly take your state refund - your state won't send the money to the IRS. The state will send you a check (or make a direct deposit). The IRS wi...
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Q&A
Asked by an anonymous user
Answered by Michael Karu, CPA/CFF/CGMA in Livingston, NJ
When we prepare tax returns for couples, we routinely check to determine whether married filing jointly or separately is more beneficial. The process is to calculate ...
Q&A
Asked by patriciapotpie
Answered by Steffanie Staples, Insurance Agent in South Jordan, UT
Expense amounts greater than 7.5% of AGI
Q&A
Asked by Birdyt052
Answered by Paul Carson, Loan Officer in Conshohocken, PA
Q&A
Asked by Lee Muth
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Lee, Refinancing your home to get the tax exemption instead of just selling it for a higher profit may not give you more profit. Why not just sell it for a lower...
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