What is the Difference Between Real Estate Flippers and Dealers?
Tax advice for real estate dealers and real estate flippers are different, although their activities can overlap. Here’s a breakdown of the key differences between the two:
Tax Treatment of Cryptocurrency
Questions surrounding the tax treatment of cryptocurrency are complex. According to recent IRS Revenue Ruling 2023-14, the process of verifying ownership of cryptocurrency is called “ staking.” And when a taxpayer has successfully staked his or her units of cryptocurrency, he or she may also receive “ staking rewards” consisting of additional units.
HSA Limits Increase for 2024
Contributions to a Health Savings Account (HSA) are used to pay the current or future medical expenses of the account owner, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2024, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $4,150 for individuals with self-only coverage (up $300 from 2023) and $8,300 for family coverage (up $550 from 2023). The additional catch-up contribution for individuals aged 55 or older before the end of the tax year remains at $1,000.
Tax Treatment of Selling Collectibles
If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you’re ready to cash in and reap the financial rewards. But you need to be aware of the tax impact of selling collectibles.