Travis Texas Form 2555 2024-2025

Travis Texas Form 2555: What You Should Know

This exemption may apply only to those persons who in fact or presumption will materially benefit and the total amount of income of all persons for whom an exemption has been applied is not less than the total amount of income, subject to the following limitations: (o-2) In general No one can receive an item deduction for the principal residence of a member of the immediate household. In all cases where a person receives a reduction because he or she is a resident of another county, the property should be distributed into the county in which the person is physically present in a county for the full twelve days of the month. Such a change in residence is not treated as being made in a county other than the county of the participant. Where the participant is physically present in a different county, a deduction based on income must be prorated or subtracted.  TAX CODE CHAPTER 3. TAXABLE PROPERTY Item 11 — “Property” TAX CODE CHAPTER 8. TAXABLE PROPERTY (o-1) On the income of a deceased person If a spouse or a dependent of a deceased person, or the parent or the guardian of a person age eighteen or older, or a person age twenty-one or older who was a resident of the United States for each calendar year of the deceased person's life, dies and the deceased individual qualifies, then the exemption from taxation for the deceased person shall not be more than five thousand one hundred dollars. This exemption includes a dead person's income from a personal or real estate interest prior to the decedent's death. The dead person's personal property or real estate interest and interest in money, property, or other intangible property shall be excluded, if the decedent had a personal property or real estate interest of ten thousand dollars or more, and this property or real estate interest was owned as a principal residence of the decedent. (o-2) On the income of a spouse or dependent of a deceased person (1) Income of spouse No exclusion is payable if more than forty-five percent of the income of the deceased person was from the spouse's principal residence; and more than two percent of the income of the deceased person consisted of interest income received by the divorced spouse from the primary residence of the divorced spouse. (2).

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