Tax Basis Rules for Property Transferred Between Spouses or Incident to Divorce
Transfers between spouses or heirs follow specific tax rules, often avoiding immediate tax. Inherited property usually receives a…
How to Determine Basis for Property Received as a Gift
Gifted property basis rules depend on the donor’s adjusted basis and fair market value at gifting. Documenting gift…
Understanding Basis Adjustments in Involuntary Property Conversions
Involuntary conversions allow deferral of tax gains if replacement property is bought timely and is similar in use.…
Understanding Bargain Purchases and Income Recognition Rules
If you acquire property below fair market value, you must report the difference as income. Businesses must follow…
Understanding Repairs vs Improvements: Capitalization and Deduction Rules
IRS rules clarify repairs versus improvements for US property taxes. Repairs are immediately deductible; improvements depreciate over years.…
Criteria for Depreciating Property in Business or Income Activities
Immigrants can reduce taxes by depreciating business property costs over time using IRS MACRS rules. Report annually with…
Understanding Adjusted Basis: Increases and Decreases Explained
The adjusted basis calculates property tax gain or loss, including purchase costs, capital improvements, and depreciation. It impacts…
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)…
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…
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…
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…
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…
From Tests to Visas: Your 2025 University Application Guide
International applicants should start university research 6–12 months before deadlines, prepare for GRE, GMAT, IELTS/TOEFL early, submit thorough…
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…