The tax treatment of cryptocurrency, particularly for activities like “staking,” has become a critical topic for investors. The IRS continues to clarify its position on digital assets, with new rules and reporting requirements taking effect in 2025. Here’s an updated look at what you need to know.
11 Facts About Capital Gains and Losses
When you sell a capital asset, such as a home, household furnishings, or stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are eleven facts you should know about how gains and losses can affect your federal income tax return.
The Qualified Small Business Stock Exclusion
As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about this often-overlooked tax break.
Maximizing Returns: Tax Tips for Real Estate Dealers vs. Flippers
What is the Difference Between Real Estate Flippers and Dealers?
Tax advice for real estate dealers and real estate flippers are different, although their activities can overlap. Here’s a breakdown of the key differences between the two:
HSA Limits Increase for 2024
Contributions to a Health Savings Account (HSA) are used to pay the current or future medical expenses of the account owner, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2024, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $4,150 for individuals with self-only coverage (up $300 from 2023) and $8,300 for family coverage (up $550 from 2023). The additional catch-up contribution for individuals aged 55 or older before the end of the tax year remains at $1,000.
Tax Treatment of Selling Collectibles
If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you’re ready to cash in and reap the financial rewards. But you need to be aware of the tax impact of selling collectibles.