Investment interest expense is the interest paid on loans used to purchase property you hold for investment. The amount of investment interest expense you can deduct is limited to your net investme...
In general, trading cryptocurrencies is very similar to trading in stock or other securities when it comes to your taxes. You must report on your tax return any gain or loss realized from trading i...
Your 401(k) or 403(b) contributions through your employer usually appear on your W-2. The amount you contribute to your tax deferred 401(k) or 403(b) plan should already be excluded from your “Wage...
If you own residential real estate, you can take a deduction for the state and local taxes you paid on the property. If you bought or sold a home you can also deduct real estate taxes you paid duri...
If you own real estate or other property that you rented out during the year, you can use Schedule E to report your income and expenses related to this activity. Go to this section in Credit Karma...
You should receive a copy of Form 1099-Q if you received a distribution or withdrew funds from from a qualified tuition program or if you are the trustee of a Coverdell Education Savings Account. O...
Who can claim a home office deduction? As a result of the Tax Cuts and Jobs Act of 2017 (2017 tax reform), an employee who works from home, cannot deduct home office expenses for the tax years 2018...
If you’re a sole proprietor, you may qualify for business credits that will lower your tax liability. Here are the business credits supported when filing with Credit Karma Tax: Investment credit (...
Yes. If your deductible expenses from operating your business are more than your business income from the tax year, your business operated at a net loss. This applies to both business owners and se...
You are a sole proprietor if you own your business in its entirety, meaning all losses, profits, and taxes from the business are yours alone. Self-employed individuals, small business owners and ev...