KateHorrell

Helping Military Families Make The Most of Their Money

What Military Moving Expenses are Tax-Deductible?


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PCS moves are expensive.  Even with all the allowances, you’ll sometimes have some out-of-pocket expenses, especially if you have pets.  Thankfully, unreimbursed moving expenses can be deducted from your income taxes, and they’re a most valuable type of deduction. Disclaimer: No article can address every specific tax situation. Do not make any decisions based solely… | Read More…

Taxes on Military Bonuses: How and Why


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I’ve noticed a lot of cfrustration about taxes on military bonuses.  That’s not surprising, because it IS frustrating if you don’t understand what’s going on, but it doesn’t have to be too hard to understand. First, you have to have a firm grasp on how income taxes work.  If you are not sure, then read… | Read More…

Capital Gains Rules for Military Families


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Note:  This is not professional tax advice. While I have confirmed this information with various professionals, do not take my word for it. Read the tax rules yourself (link at the bottom) and consult with your tax professional to see how the rules apply to you. When you’re in the military, one of the most… | Read More…

From The Mailbag: A CPA Who Doesn’t Get SCRA


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There seem to be few things as confusing as state of legal residency as it applies to military service members and their spouses. Even the professionals are often under-informed or confused. As we see in this email I received: Hi, I am a CPA in CA. I have a client in the Marines. His “home… | Read More…

Favorable Tax Rules for Military When Excluding Capital Gain from Sale of Principal Residence


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I asked my smart friend Paul Allen if he could possibly explain the capital gains exclusion in another way, especially the part about partial exclusions. I’ve always been confused by them. Even though I’ve written about this here, I was still baffled about that part. And Paul came back in a big way. I am… | Read More…

Maintaining All Your Stuff In One State: Why It Matters Now More Than Ever


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Legal offices and financial counselors have been saying it for years: try to be consistent in demonstrating your state of legal residence. And there are always some military service members and family members who insist that it doesn’t matter, that no one has ever challenged them, and that the legal and financial folks are just… | Read More…

New Law Will Make Tax Time Easier For Military Spouses


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This post has most recently been updated on 4 February 2019. The president has signed the a bill that permits military spouses to use the legal residence of their service member for purposes of taxes (and voting.) S. 2248 (115th): Veterans Benefits and Transition Act of 2018 has a provision that states: “For any taxable year… | Read More…

Military Spouses Residency Relief Act – The Actual Text


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Passed in 2009 and then amended in 2017, the Military Spouses Residency Relief Act  offers military spouses certain protections while moving around on Permanent Change of Station (PCS) orders. It’s important to understand that MSRRA isn’t free-standing legislation – it is amendments to the Servicemember’s Civil Relief Act. The legislation is actually SCRA, MSRRA is… | Read More…

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Disclaimer

Kate does not represent the Department of Defense, the Department of Veterans Affairs, or any government agency. This blog is strictly for informational and entertainment purposes only. The content on this site should not be considered professional financial or legal advice. I may receive compensation through affiliate or advertising relationships from products mentioned on this site. All reviews on this site represent the personal opinions of the author. All references to third party products, rates, and offers may change without notice.