Qualified U.S. savings bonds are a viable education savings alternative
Article Abstract:
The earned interest on certain U.S. savings bonds, including the new Series EE bonds, is tax-free after 1989 if the income earned by bonds is used to pay for the education of the taxpayer, spouse, or dependent. Series EE bonds are qualified if issued after 1989 to individuals over the age of 24 who purchase the bond themselves. Interest from the redemption of qualified EE bonds are not included in the gross income for individuals paying qualified higher education expenses at an eligible education institution during a tax year. To qualify for preferential tax treatment, taxpayers' dependents must meet five dependency tests analyzing factors such as: support; gross income; and citizen/resident. Interest exclusion is not available to married couples filing separate returns.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1989
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Real estate reporting requirements in new Regs
Article Abstract:
Proposed and temporary regulations concerning reporting requirements for real estate transactions have been issued by the IRS. The regulations attempt to clarify what types of transactions must be reported, the types of information that must be included in reports, and who must report transactions. Reporting is required for sales or exchanges of real estate involving one-to-four family buildings. The responsibility for filing the report lies with the real estate broker. Instructions for filing Form 1099 returns will soon be available at IRS offices.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1987
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