Are you facing a lot of different tax questions this year? IRS
experts have pulled together an overview of common tax issues in one
convenient place - Publication 17, Your Federal Income Tax. This
updated publication, available on the IRS Web site, IRS.gov, contains a
vast array of helpful information for individual taxpayers.
From stock sales to student loans, this 300-page publication holds the answers to many of your questions:
- Need help deciphering the mysteries of the Roth IRA? Try Chapter 18 for retirement accounts.
- Do you have a new child in the house? See Chapter 36 for the Child Tax Credit.
- Are you selling stock for the first time? Check Chapter 17
for capital gains. If you're unloading losers, capital losses are
there, too.
- Do you need to report the profit on your home sale? See
Chapter 16 for some good news. Generally, you only need to report the
sale of your home if your gain is more than $250,000 ($500,000 if
married filing a joint return).
And the best part about Publication 17? It's free. To get a copy,
visit the IRS Web site at IRS.gov or call 1-800-TAX-FORM
(1-800-829-3676).
