Browse J.K.'s Answers by Category

Deductions & Credits

1. If I qualify for the homebuyer credit and complete the sale by September 30, 2010, can I claim the credit on my 2009 return?Free
2. We purchased a two-family house with our daughter. We own a two-thirds interest in the home; our daughter owns a one-third interest. Can we and our daughter each claim an $8,000 first-time homebuyer credit (none of us have owned homes before)?Free
3. My father purchased a home for my bride and me and kept title to it in order to protect his down payment. We pay all of the expenses, including the mortgage and real estate taxes. Can we deduct the mortgage interest and real estate taxes?Free
4. Several years ago I set up a Coverdell ESA for my child, but the account lost money so I withdrew the funds and closed the account. Can I deduct a loss?Free
5. I've been purchasing hurricane-proof windows; I bought one last year and one this year. They cost about $1,200 each. Can I take a home energy credit for them?Free
6. I got married three years ago and moved into my wife’s home. She’s owned it for 8 years; I’ve never owned a home. If she sells the home and we buy a new one, can we claim the long-time homeowner credit?Free
7. My wife became extremely ill while we were out of town. My grandson flew in and my son and granddaughter drove to see her because the doctors didn't think she would make it. Are their travel costs deductible?Free
8. Can I make more than one Roth IRA conversion in 2010 in order to time the market and report the lowest income from the conversion?Free
9. I've owned my home for 15 years and plan to retire to Florida. If I sell my home and purchase a retirement home in April 2010, can I claim both the home sale exclusion and the long-time resident homebuyer credit?Free
10. Can I deduct the cost of home remodeling? I paid for all the improvements with cash and did not get a home improvement loan?Free
11. Our daughter will graduate from college this spring. Our son, who is an adult, moved back home when he lost his job. We pay all of the housing costs as well as food. Can I claim them as my dependents?Free
12. I upgraded the heat and air system in my home to make it energy-efficient. Is there any income limit on claiming a tax credit for this home improvement?Free
13. 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
14. 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
15. 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
16. 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
17. 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
18. 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
19. My wife and I tried to adopt a foreign child. The adoption fell through. Do we qualify for the adoption credit?Free
20. 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
21. I donated used clothing and household items to the Salvation Army. What documentation do I need to claim a charitable contribution deduction?Free
22. How do I deduct the interest (investment interest, passive activity interest, business interest) on a loan I took from my S corporation?Free
23. 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
24. 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
25. 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