How to Deduct Assisted Living and Nursing Home Bills

How to Deduct Assisted Living and Nursing Home Bills

Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care. If you could deduct these expenses, you’d substantially reduce your income tax liability—possibly down to $0—and dramatically reduce your...
Stock Options— Same Day Sales

Stock Options— Same Day Sales

Employee Stock OptionsA stock option allows (but does not obligate) an employee to buy a specified number of shares of stock from a company for a specified price during a specified period of time. There are two categories of stock options.• Nonstatutory (nonqualified)...
Charitable Contributions Recordkeeping Requirements

Charitable Contributions Recordkeeping Requirements

Recordkeeping Requirements Recordkeeping Requirements for Charitable ContributionsReporting Requirement Thresholds:• Cash. Do not combine separate contributions.• Noncash. Combine claimed deductions of all similar items to determine$501 or greater amount....
Itemized Deductions Homeowners

Itemized Deductions Homeowners

Itemized Deductions for Homeowners The IRS defines a home as any house, condominium,cooperative, mobile home, boat, or similar property that has sleeping space, toilet facilities, and cooking facilities.Some homeowners qualify for these deductions. Real Estate Taxes...