. Cranberries; : the national cranberry magazine. Cranberries. estment data expenses, tax •paration, safe deposit box, im and professional dues, work : hes, etc. will likewise be shown schedule A as heretofore, but ' will be reduced by 2% of isted gross income figure. For 7. Political contributions after . 31, 1986 will no longer be [ictible. The $100 dividend exclusion singles, $200 for marrieds fil- jointly will be eliminated rDec. 31, 1986. IRAs now have new rules. se who are covered by a qual- l pension or profit sharing I, or a Keogh, or a 401K, who I over $25,000 if single, $40,000 arrie
. Cranberries; : the national cranberry magazine. Cranberries. estment data expenses, tax •paration, safe deposit box, im and professional dues, work : hes, etc. will likewise be shown schedule A as heretofore, but ' will be reduced by 2% of isted gross income figure. For 7. Political contributions after . 31, 1986 will no longer be [ictible. The $100 dividend exclusion singles, $200 for marrieds fil- jointly will be eliminated rDec. 31, 1986. IRAs now have new rules. se who are covered by a qual- l pension or profit sharing I, or a Keogh, or a 401K, who I over $25,000 if single, $40,000 arried, face restrictions. For I $5 of taxable income over threshold, $1 of the IRA con- ation will not be deductible, se with income over $35,000 igle, $50,000 on joint return get no deduction at all. If ried, your spouse being in a I will affect your right to the iction. ;nterest deductions for con- er interest loans will be sed out. 65% deductible in ', 40% in 1988, and 20% in I. ^sses from rental property, ie under present law, aris- )ut of depreciation, interest, al expenses, etc. can only be icted to the extent of gross al income. Thus no loss is ved, unless offset against table property, xeptions were written into orovision—those with losses ir $25,000 who "actively age "their property, and who earn less than $100,000 are isition to still deduct losses. i lave children over 5 years of isjClaim them as dependents? 1'will need to get them a 1 security number as you'll to show this on returns filed 88 and thereafter, tart now to get into habit of ing record of all nontaxable empt income. Beginning in this will have to be shown. •Capital gains taxable will be taxable on the full amount in 1987, not the 60/40 split as before. But the rate for 1987 will be set at 28% even if the taxpayer is in a higher bracket. Losses in excess of profits in 1987 will be deducti- ble without cutting them in half. $3,000 rule stays. f ARKIN MAGAZINE SYNDICATE f BOe SAND I SoiuIuac(iS
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