The payment will affect your property's basis, so the first step is to calculate its basis.
A broker transferred my wife's Roth funds in to my account. Do I have to pay?
Your cost basis in the land depends on how your grandfather acquired it before he gifted it.
If your income doesn't exceed the allowed amount, then Social Security benefits won't be taxable.
The IRS does allow tax-free withdrawals if you follow certain steps within 60 days.
You will owe tax on your prize money, but you can deduct your donation if you itemize.
Figuring out the best way to pass down a property and minimize taxes can be tricky.
You would have gotten a bigger tax break if your aunt had left her property to you in a trust.
It's possible you could use passive losses from real estate to offset a Roth conversion.
You may qualify for innocent spouse relief. Here's how to get a tax refund.