HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
What is the standard deduction amount for 2025?
The standard deduction for 2025 is $15,000 (single), $30,000 (joint), and $22,500 (head of household), with additional amounts for age or blindness.
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How are capital gains taxed in 2025?
In 2025, long-term capital gains are taxed at 0%, 15%, or 20% based on income, while short-term gains are taxed as ordinary income up to 37%.
How do I report rental income on my tax return?
Report rental income and expenses on Schedule E (Form 1040). Include rent, deposits kept, and deductible costs like mortgage interest and depreciation.
How do I report stock options or restricted stock units (RSUs)?
Report RSU and stock option income on Form W-2; sales go on Form 8949 and Schedule D. ISOs may also require AMT reporting on Form 6251.
How do I report cryptocurrency transactions on my tax return?
Report cryptocurrency sales, trades, or income on IRS Form 8949 and Schedule D; mining and staking rewards go on Schedule 1 or Schedule C as income.
Do I need to pay taxes on an inheritance received in 2025?
No, you don’t pay federal tax on an inheritance in 2025, but income from inherited assets or state-level taxes may apply depending on your location.
Do I need to report income from foreign countries?
Yes, U.S. citizens and resident aliens must report all worldwide income, including foreign income, on their U.S. tax return, unless legally exempt.
Are life insurance payouts taxable?
Life insurance payouts are generally not taxable, but interest, installment payments, employer-owned policies, and some transfers may trigger taxes.