Tag: Gift Tax

Same-Sex Marriage, Divorce and Taxes

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, […]

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Ask Jason, 3/9/12

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 […]

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