If you come into a lump sum of cash, you may be wondering whether it is taxed. Follow these general guidelines, and discuss them with your tax consultant.

Gambling:

If you happen to win money while gambling (this includes raffles and lottery winnings) that income is taxable as “other income”.  
If you happen to lose money while [...]

If you’re suddenly unemployed, you have a number of unpleasant choices to make. Can you keep your car? Your house? If so, for how long? Probably the most unpleasant choice: Which assets do you sell first to make ends meet? And how do you go about liquidating the savings you’d hoped to spend on something [...]

With the number of homes up for foreclosure, government incentives to purchase homes, and great interest rates, many of you might be considering a second property for investment purposes. Although being a landlord has its pros and cons, from a tax perspective, there are some simple steps you can take to make the filing process much easier [...]

In the midst of a struggling economy and high unemployment rates, those who have positioned themselves to survive this economic crunch can take full advantage of the programs implemented in efforts to stimulate a lagging economy. The mortgage and housing industry is expecting to benefit greatly from the Homebuyer Tax Credit offered through April 30 [...]