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Personal finance and savings tax tips

How do your financial moves affect your tax status?

MAJOR LIFE CHANGES

Bought an investment

What are the tax implications of investment activity?

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Had debt forgiven

Did you have a debt canceled or forgiven? Find out what that means for you.

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Had stock transactions

Did you buy or sell stocks this year? Here's what that might mean for you.

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Retirement / 65 and older

If you're retired, plan on retiring, or are 65+ years old, these financial tax tips are just for you.

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PERSONAL FINANCE AND SAVINGS CREDITS AND DEDUCTIONS

Relevant credits and deductions

What other tax credits and deductions might apply to your financial activity?

Your Questions

I currently have no income, but have inherited some money. Do I have to file federal taxes for the year if it’s under the allowed amount?

An inheritance is not taxable. However, the money you make off investments - such as savings, dividends, capital gains, or any gains made when you sell any items you inherited - is taxable.

Can I claim a loss in the cryptocurrency market? If so, what is the limit?

Crypto currency losses are considered capital losses. It’s possible to deduct capital losses even if you just take the standard deduction, but the amount depends on your filing status. You can claim up to $3,000 ($1,500 if married filing separately) per year in capital loss deductions.

I recently had a run of good luck at the casinos. Are my winnings taxable?

Winnings from both the lottery system or from gambling of any sort are taxable. You can also deduct your gambling losses up to your gambling income if you claim itemized deductions.

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