If you sell your home for more than what you paid, you may have to pay capital gains tax. However, if you sell your main home and make a profit, you can exclude some of that profit from your income if you meet certain requirements. The home has to be your principal residence. Investment properties are not considered principal residences …
The lifetime learning tax credit is a $2,000 credit available for eligible education expenses paid for the tax year. Unlike deductions, which only reduce the amount of income subject to tax, this credit reduces the amount of income tax due. There is no limit on the number of years this credit can be claimed for eligible students. There are income …
What is AMT tax? Alternative minimum tax (AMT) is a federal tax that runs parallel to regular tax. It increases your taxable income by adding items that are tax-free under the regular tax system and disallowing many deductions. Complete form 6251 to determine if you owe additional AMT. If the tax on form 6251 is more than the tax calculated …
