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Taxpayer Relief Act Questions

As a taxpayer in the United States, one may feel burdened with tax liability that has been placed upon them. Government legislature may regulate and place taxpayer relief acts into law to relieve some of the burden in a recessed economy.

What is Taxpayer Relief Act?

Taxpayer relief act is legislature placing tax cuts into law that may reduce taxpayers’ taxes in the United States. Read below where Experts have answered many questions individuals have about the taxpayer relief act.

How much of one’s reimbursed tuition is taxable for classes that are directly linked to their job or business?

Tax relief acts may have implemented tax breaks that would allow an employer to provide up to $5,250 in employer education assistance benefits, tax-free each year. These courses must be directly related to one’s employment. Any amount in excess could be taxable. These limits apply to the total benefits received from all employers during a given tax year.

Would I have to pay capital gains tax if my income falls in the lowest tax bracket?

The Taxpayer Relief Act of 1997 reduced federal tax rates, and set an exemption in paying capital gains for low income tax payers. An addition of capital gains to one’s taxable income could place them in a higher tax bracket.

The capital gain = (selling price) - (adjusted basis)

Could a married couple, one of which may qualify as a first-time home buyer, be eligible for taxpayer relief breaks that apply to Individual Retirement Account (IRA) withdrawals?

The Taxpayer Relief Act of 1997 may allow both partners to take IRA distributions penalty free, up to $10,000, if the funds are used to build or purchase a home. Distributed amounts above the limits may be subject to penalty unless other exceptions apply. The IRS definition for "first-time homebuyer" is someone who has not owned a home for two years, the IRS may consider a married couple as one unit when purchasing or building a home.

Is there a once in a lifetime exemption of capital gains for seniors on the sale of their home?

The Taxpayer Relief Act of 1997 has made it possible for anyone to make tax-free profits of $250,000 (or $500,000 if your filing status is married filing jointly) if the home was your primary residence for a period of 2 years of a minimum of ownership of 5 years for each home you have possessed in this manner.

Congress can make it easier for small businesses to succeed with real tax relief that lowers the cost of business. Tax Relief Acts make it easier for small businesses to invest in themselves through investing in the education of their employees. The Taxpayer Relief Act of 1997 has made it possible for many Americans to sell their home without being penalized by capital gain taxes. Experts have aided many in understanding tax relief acts and saving them tax dollars.

Ask a Tax Professional

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Experience:  10 years experience
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Recent Taxpayer Relief Questions

  • Hello Robin. What is your take on this? I own a rental

    Hello Robin. What is your take on this? I own a rental property. What if I buy a fridge for example for $1,000 (money on which I paid taxes already) and it's fully depreciated after 5 yrs. So, I use the 200/yr for 5 years against current rental income
    which is fair. However, when I sell the building, do I have to 'recapture&quot; the $1000 from the depreciated fridge and pay 25% tax on the recaptured $1000 I spent on the fridge? it seems that way. The fridge was thrown away and the money was spent. Why would
    I have to pay any tax again? Sorry, i 'm trying to make sense of depreciating assets used in the course of doing business. These &quot;assets&quot;; fridges, carpet, stoves, dishwashers, etc look to me more as &quot;working capital&quot; which should be deducted against income
    but not &quot;recaptured&quot; because they are part of &quot;the cost of doing business&quot; and it's not income in my pocket to pay taxes on. do I make a mistake in my logic here? thx
  • I live in Massachusetts. I received a 1099-C for Cancellation

    I live in Massachusetts. I received a 1099-C for Cancellation of Debt for a Deed in Lieu of foreclosure for a Qualified Principle Residence. The total amount of debt was excluded from my income on FM 982 for Federal tax purposes thanks to the Mortgage Forgiveness and Debt Relief Act.
    However, it is my understanding that MA does not recognize the Mortgage Forgiveness and Debt Relief Act, but I am have the darndest time trying to figure out how to report this on my MA state taxes! Do I do a Schedule D? I didn't have to file a Schedule D for Federal taxes. When I figure it as a capital gain or loss in terms of sale of real property it is a Loss. Can you help me figure this out?
  • Background: I am the Trustee for my sisters estate. Her house

    Background: I am the Trustee for my sister's estate. Her house is in probate for retitling. The proceeds from the sale of the house will go to me. I've read the Taxpayer Relief Act of 2012 (signed in 2013), and according to that, had my sister been alive and sold the house, she would have paid no capital gains tax because she made far less (state pension, no Social Security) than the ~$36,000 point at which you pay no capital gains. She died in 2013. The house will sell in 2014. Obviously, in that year, she made no money. I don't know if the IRS reverts back to the years where she DID make money, but it shouldn't matter because she met the 0% capital gains rules. My question: How does this affect me, as Trustee and beneficiary? Will the same rules apply to me? It's important because it will affect the asking price for the house. PLEASE be a tax law pro when answering this. Thank you.
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