Taxes

The Tax Blotter is a round-up of recent tax news and rulings.

Under Section 121 of the Internal Revenue Code, you may be able to exclude most, if not all, of your gain from tax when you finally sell the home.

Notably, you may use a loss to offset a short-term gain realized earlier in the year that would otherwise be taxed at a high ordinary income tax rate.

Families may have a million questions about their child’s care, education, residence and employment when they reach adulthood.

For the last five years, businesses have been able to use bonus depreciation to expense 100 percent of qualified property, including big-ticket purchases like business aircraft.

Generally, the IRS has three years from the later of the time your tax return was filed or its due date to review the return and assess tax. 

Accountant: "I probably would’ve had a heart attack,” Bender said on cross-examination.

Senators claim TurboTax has sent refunds to bank accounts opened without the permission of taxpayers.