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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

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Satisfied Customers: 572
Experience:  10 years experience
16356563
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Taxpayer Relief Questions

  • selling a personal residence allows a exclusion of a gain.

    selling a personal residence allows a exclusion of a gain. do you have to buy a new home to exclude the gain?

    secondly, if you rent a home do you have to depreciate it, or can you just deduct expenses.

  • Hi, Would you be so nice and tell me how could I transfer

    Hi, Would you be so nice and tell me how could I transfer a personal property from Spain to an LLC? Or withmy personal name?" Most treaties provide for the exemption of gains from the sale or exchange of personal property. Generally, gains from the sale or exchange of real property located in the United States are taxable", as they mention in the page 47. How should I transfer the property so as to be legal in both countries? Is there any treaty between both countries? Could you tell me the rate of the death tax in Delaware? Which taxes do I have to pay according to the value of the initial contribution? Any death tax realted to the initial and final value of the company? As Ashlea Ebeling mentions in the Forbes magazine in her article "Where not to die in 2013" "Thanks to the fiscal cliff tax deal (the American Taxpayer Relief Act), the federal estate tax exemption of a generous $5 million per person, indexed for inflation, is now permanent. So for 2013, up to $5.25 million of an individual’s estate will be exempt from federal estate tax, with a 40% tax rate applied to any excess over the exemption amount." http://www.forbes.com/sites/ashleaebeling/2013/01/28/where-not-to-die-in-2013/ In the INFORMATION BRIEF, Research Department, Minnesota House of Representatives updated in September 2014 by Joel Michael Table 3 State Estate Taxes Applicable to 2014 Deaths (as of June 30, 2014) State - Exemption Amount - Basis for Rate Schedule - Top Statutory Rate Delaware - $5,340,000 - State specific - 16% (indexed for inflation,based on federal exemption) (http://www.house.leg.state.mn.us/hrd/pubs/estatesurv.pdf) So there is an exception for estates up to $5, 340,000 in the state and federal death tax. Is that correct? Thank you, ***** *****

  • I need clarafication on Leasehold improvements....I am reading

    I need clarafication on Leasehold improvements....I am reading too many different articles with different opinions....A C corp (retail store) has moved into new space/unit in same building...it incurred $ 65 K in artitect/buildout costs....move was at the beginning of 11th month of fiscal year ending 09/30/14...what is life and and is the correct term amortization or depreciation....New Lease is 10 years with two five year options (no bargain options) I assume it is MACRS or MACRS Straight line but please clarify
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