Are funeral memorials considered taxable income to the recipient? The answer is no. These would be considered gifts, and gifts are never taxable to the recipient.
When we talk about taxes in light of the U.S. Supreme Court striking down the Defense of Marriage Act, the conversation is always around income taxes, and sometimes FICA taxes. But there are two other types of taxes out there affected by the DOMA ruling: gift tax and estate tax. Gift Tax I find that […]
How does tax law treat property settlements when same-sex couples divorce? Issues Generally, property settlements in divorce are not taxable. But the federal government doesn’t recognize same-sex marriage — as far as the federal government is concerned, there was no marriage to begin with, so the typical rules regarding divorce and taxes don’t apply. Consequently, […]
Q: If I list 1099-K income hobby can I list equal expensives as I also buy for my hobby and spend more than I sell? A: The answer is not as simple as it sounds. First, you can deduct “cost of goods sold” (COGS) directly from hobby income — if you have legitimate COGS and […]