by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Interest on municipal bonds is generally excluded from federal income tax when the bond is issued by: A state The District of Columbia A U.S. possession A political subdivision of any of the above The...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Certain types of income are not taxable. These exclusions reduce gross income without requiring deductions. Many exclusions apply only when specific statutory conditions are met. Major Income...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Gains and losses fall into two broad categories: ordinary and capital. The classification determines: Whether the gain/loss is recognized How it is taxed Which rate applies Capital gains generally...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com A disposition occurs when a taxpayer sells, exchanges, abandons, or otherwise transfers property. Gain or loss is generally: Amount realized includes selling price minus selling expenses such as...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Basis represents a taxpayer’s investment in property for tax purposes. It determines gain or loss on disposition and affects deductions for depreciation, amortization, depletion, and casualty losses....
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Taxpayers report various types of income on Schedule 1 (Additional Income). These items may require separate forms, depending on the source. Farm, business, and rental income are also reported on...
