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Qualified tuition and related expenses paid with student loans are considered in the same manner as cash payments when calculation the American Opportunity and Lifetime Learning credits.

Cost basis is the value of an asset used to calculate capital gain or loss for tax purposes.
For most positions, cost basis is purchase price plus commissions plus disallowed wash sales plus reinvested capital during the time before the sale.

Losses from Wash Sales are disallowed by the IRS and the amount of the loss is added to the cost basis of the repurchased shares on a per share basis.
The holding period is also adjusted to include the days the security was held before the original sale.
When an investor sells shares at a loss and then repurchases substantially identical shares within 61-day window (30 days before and/or after the date of sale, it is called a wash sale.

Category A = Covered = Cost basis is reported to the IRS
Category B = Non-Covered = Cost basis is Not reported to the IRS
Category C = Supplemental = Proceeds Not reported to the IRS
Stock Options fall into Category C which is supplemental information that is supplied to customers when available, but is not reported to the IRS.

This is another rule that went out in the 80’s. However, the good news is there is usually no need to worry about taxes on the sale of your residence. If you are single you can exclude $250,000 of your gain or, if you are married and filing jointly, you can exclude up to $500,000 of the gain as long as you lived in your home two out of the last five years.

No, income averaging has not been around since 1986.

People often misunderstand what the $15,000 gift exclusion represents as gifts are not deductions on an income tax return. Instead, the $15,000 gift exclusion is the maximum amount you are allowed to gift to one individual without being required to file a gift tax return.

To be able to deduct the interest and real estate taxes, your name must be on the mortgage as well as the title to the real estate property.

Contributions to a 529 Plan for your child's education are not deductible on the federal return. However, some states like NY do allow a deduction for contributions to a 529 plan. The advantage of making contributions to a 529 plan are that the earnings in the plan will not be taxed if the distributions are made for qualified educational purposes.

No- Unfortunately burial and funeral costs are not a deduction on your income tax return