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Having trouble deciding if your Uncle Jack, Grandma Betty or daughter Joan qualifies as a dependent? Here's a cheat sheet to quickly assess which of your family members you can claim on your tax ...
Each tax season, people look for tax deductions and credits to either lower their balance or increase their refund. One rather obscure deduction: A partner can be claimed as a dependent if they ...
There are some exceptions that allow for tax-free domestic partner benefits, such as for a domestic partner that qualifies as a dependent under Internal Revenue Code Sections 152(a)(9) through 152(b)(5), a certification and annual recertification that the support and relationship tests of section 152(a)(9) are met, and the relationship between ...
Many people are surprised to learn that you can claim most anyone on your taxes as a dependent. It's true. Even if you aren't related, someone who lives with you for most of the year and who you're...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
There is a limitation on the deduction of a partner's distributive share of partnership losses. A partner may deduct his or her loss only to the extent of his or her adjusted basis in the partnership. [19] Any excess of such loss over basis is allowed as a deduction at the end of the partnership year in which such excess is repaid to the ...