Tax Nitty Gritty

capital gains
Jul 24th, 2014

Tax Questions, Answered: Home Sales and Deductions

In our latest installation of this question-and-answer series with The Tax Institute, we look at some of the common questions we get about homes and property. Q: Are homeowner association fees ever deductible? How do you document it if so? A: Homeowners’ association fees paid on your personal residence are not deductible. On a rental […]

abroad
Jul 2nd, 2014

Spouse is a Non-Citizen, Which Filing Status Do We Use?

Ed note: You studied abroad. You took the job of a lifetime in another country. And you fell in love with more than the culture and your surroundings – you found a spouse. We don’t want to ruin your international love story, but things can be tricky at tax time. Here are a few strategies […]

estate tax
Jun 16th, 2014

A Lannister Always Pays His Debts

Ed note: As a Game of Thrones fan, I just… I mean… oh boy. It’s a show that never disappoints, so we will try to follow that example. By now, you will have (hopefully) seen the season finale of this year’s Game of Thrones. If you have not, then I will issue the requisite Spoiler […]

documents
Jun 5th, 2014

Expats: What You May Need to File U.S. Taxes

Ed note: It may come as a surprise to some Americans living abroad that they still need to file a U.S. tax return. That’s right – even if you live in another country, work in another country and don’t have any money invested in U.S. accounts, you will still likely be required to file a […]

expat
Jun 2nd, 2014

Reporting Foreign Bank and Financial Accounts 101

Ed note: Does a foreign financial account sound mysterious? Well, for many Americans taxpayers living abroad or those at home who have diversified financial holdings, it’s just a normal part of life. However, those accounts are in for big changes at home. Leer en español. What’s the big deal about declaring foreign bank and financial accounts? […]

American Opportunity Credit
May 29th, 2014

Tax Questions, Answered: Education Expenses

Ed note: The experts at the Tax Institute have answered more of your questions, this time around which education expenses will qualify for tax credits or deductions. Question: I am currently enrolled in a multi-year practical program of study in electrical work. Can this be counted toward a four-year post-graduate program to receive the tax […]