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Tax Rules for Property Received in Exchange for Services Rendered
When property is received for services, taxpayers must include its fair market value in income. The Section 83(b) election enables…
How to Allocate Cost Basis Between Land and Buildings in Real Property
For immigrants and investors, cost basis includes purchase price, mortgage assumed, and specific fees, divided by fair market value between…
Understanding Property Basis and Cost Basis for Tax Purposes
Understanding basis and cost basis is vital for U.S. property taxpayers including owners, immigrants, and investors. It details calculation methods,…
Comprehensive Guide to Reporting Other Gains, Income, and Taxable Events
Immigrants and U.S. residents must report all income types, including unemployment benefits and business property sales, using IRS forms 4797,…
University Intakes Worldwide: Key Differences from the U.S. System
The U.S. Fall intake is the main entry point for international students, offering the widest program and scholarship availability. Applicants…
QS World University Rankings 2025: Top 10 Global Universities and Programs
International applicants should start university research 6–12 months before deadlines, prepare for GRE, GMAT, IELTS/TOEFL early, submit thorough applications, then…
Tax Treatment of Alimony Payments Before and After 2018 Changes
As of 2019, alimony payers cannot deduct payments on federal taxes, and recipients do not report alimony as income. Old…
How to Report Additional Income and SALT Refunds on Schedule 1
For 2024, IRS revises Schedule 1 guidelines for reporting additional income and SALT refunds with a $10,000 cap. Taxpayers must…