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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22749
Experience:  Taxes, Immigration, Labor Relations
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Do you have to report gains when you are the beneficiary from

Customer Question

Do you have to report gains when you are the beneficiary from a life insurance policy and inheritant of a piece of land? If so where do you report it? Can educators deduct expenses for educator conferences and their travel and auto fees? If so how much can they deduct? Is it separate from the $250 ceiling
Submitted: 4 years ago.
Category: Tax
Expert:  Lev replied 4 years ago.

Do you have to report gains when you are the beneficiary from a life insurance policy

Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract.

and inheritance of a piece of land?

As a recipient of the inheritance - you do not need to claim it as income. Please see for reference IRS publication 525 page 33 - http://www.irs.gov/pub/irs-pdf/p525.pdf

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Can educators deduct expenses for educator conferences and their travel and auto fees? If so how much can they deduct?

If you are an employee, you may be able to deduct your work-related expenses as an itemized deduction (subject to limitations) on Form 1040, Schedule A

You must keep records to prove the expenses you deduct.

Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. Travel expenses paid or incurred in connection with a temporary work assignment away from home are deductible. Generally, employees deduct these expenses using Form 2106 Your allowable unreimbursed expenses are carried from Form 2106 to Schedule A, and are subject to a limit based on 2% of adjusted gross income.

 

Let me know if you need any help.

 

Customer: replied 4 years ago.
Can the cousin of the spouse in a MFJ return be claimed as a dependent if they support over half her income, and that dependent is currently pursuing a masters degree?
Expert:  Lev replied 4 years ago.

Supporting is not enough to be considered a dependent - there are other requirements.

Please see attached requirements for claim a dependent.

 

graphic

 

Let me know if the cousin is either your qualified child or a qualified relative.

Let me know if you need help with reporting.

 

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