Browse J.K.'s Answers by Category

Deductions & Credits

1. I bought a home in October; I never owned one before. My mom cosigned the mortgage (she owns her own home) and is on the title to my home. Can I qualify for the first-time homebuyer credit?Free
2. I'm 57 years old and recently lost my job. My 401(k) is worth $59,000, and I owe roughly $46,000 on my home mortgage. Can I cash out the plan to pay off the mortgage without a tax penalty?Free
3. I send my two children to a religious day school. Can I claim a charitable contribution deduction the portion of the tuition related to their religious education?Free
4. My daughter goes to a university and, as part of her course work, has to do clinical work at a local hospital. If we buy her a car, can we treat it as a qualified educational expense for purposes of the American Opportunity credit?Free
5. I volunteer to help seniors with their chores. I sometimes take them out to eat and always use my own car. Can I deduct anything?Free
6. In 2007, I moved from New Hampshire to Delaware because of a new job but forgot to deduct moving costs on my 2007 return. Is it too late to claim these moving expenses now?Free
7. My wife and I tried to adopt a foreign child. The adoption fell through. Do we qualify for the adoption credit?Free
8. I own rental property. I do all the repairs myself. Can I deduct my work? (If I didn't do it, I'd have to hire someone who would.)Free
9. I donated used clothing and household items to the Salvation Army. What documentation do I need to claim a charitable contribution deduction?Free
10. How do I deduct the interest (investment interest, passive activity interest, business interest) on a loan I took from my S corporation?Free
11. I own a beachfront condo that I rent out throughout the year (I never use it myself). Can I claim first-year expensing (Section 179 deduction) and/or bonus depreciation for new appliances I’ve bought the unit in 2009?Free
12. I’m on a filing extension for my 2008 return. I’ve purchased J.K. Lasser’s Your Income Tax and tax preparation software. Can I deduct these costs?Free
13. I have investment losses in my traditional IRA. Can I take a deduction for the losses on the investments I’ve sold in the IRA?Free
14. I'm renting a home now but will be purchasing land on which to build a home. Can I deduct the interest on the land mortgage?Free
15. I have a camper that we use as a vacation home. Can I claim any tax deductions for it?Free
16. My husband and I owned an S corporation to which we each had loaned money. The corporation went out of business. Can we deduct the loans?Free
17. My husband and I rent a home we own to my brother and his wife. If we sell the home to them at market value, can they claim the first-time homebuyer credit?Free
18. I owed a tax penalty for 2006 that I paid in 2008. Can I include this as part of my itemized tax deduction?Free
19. My home was destroyed in a federally declared disaster area in 2008. The insurance didn't fully compensate me for my loss. Can I deduct the rest of my loss?Free
20. I lent money to my best friend 3 years ago when she started a business. Now her business has folded and she can?t pay me back. Can I take a deduction for this?Free
21. I deposited $15,000 with a builder to construct a new home for me, but lost it when I couldn't sell my old home and didn't go through with the construction. Can I deduct the deposit I lost?Free
22. I received $140,000 in tax-free income from a personal injury suit. If I give 10% to charity, can I deduct it?Free
23. My husband and I built a new home four years ago and sold it this year at a loss of around $35,000. My taxman said we can?t deduct this. Is he correct?Free
24. Is my premium under COBRA deductible?Free
25. If I sell my house, is there any limit on the number of acres that can be part of the sale for purposes of the home sale exclusion?Free