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Home Sales: How to Determine Your “Basis”

If you’re buying or selling a home, you should know how to determine your basis. The law allows an exclusion from income for all or part of the gain realized on your home sale. The general exclusion limit is $250,000 ($500,000 for married taxpayers). You want your basis to be as high as possible in […]

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Who Qualifies for “Head of Household” Tax Filing Status?

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file as a head of household, which is more favorable than single? To qualify, you must maintain a household, which for more than half […]

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