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The tax experts at J.K. Lasser have answered a lot of your tax preparation questions, ranging from the basics of 1040 filing, income tax deductions and credits, and self-employment taxes to the more complicated topics of tax planning for college and retirement, estate taxes, and real estate taxes. Browse Ask J.K. Lasser answers below and see if your question has already been covered, or use the Search box at the top of the page. If you can't find what you're looking for, submit your question to us by filling out the form to the right.
- I had converted my regular IRA to a Roth IRA and paid tax on $25,000. The account is now worth $80,000 and I want to withdraw $20,000 to pay off my credit card debt. Is the withdrawal taxable to me?Free
- 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
- I received $140,000 in tax-free income from a personal injury suit. If I give 10% to charity, can I deduct it?Free
- My mother-in-law is 94 years old and receives income from pensions, CDs, and money market accounts as well as Social Security benefits. Does she need to still file a return at her age?Free
- I am a legal guardian for someone. I incurred various expenses associated with the guardianship. Do I report my income and expenses on Schedule C?Free
- My husband and I gave our son-in-law a car worth $24,000. Can we deduct this gift?Free
- If I sell raw land, can I reinvest the proceeds in other raw land to defer any taxes due on the original sale?Free
- I am 65 years old. Can I use the money in my IRA to make my monthly mortgage payments?Free
- I receive Social Security benefits on behalf of my minor child because of the death of his father. Are these benefits taxable?Free
- I have a domestic partner who lives with me. I pay more than half of her expenses for the year, including all of her food and shelter. Can I claim her as a dependent?Free
- My partner and I own a home together. We each file as single. How do we deduct the real estate taxes and mortgage interest?Free
- Can a person work for a company and also be an independent contractor for the same company?Free
- I have a 17-year old daughter living at home who is a high school senior. Can I claim an exemption for her?Free
- 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
- Is my premium under COBRA deductible?Free
- I own rental real estate and paid a plumber to fix a leaky water heater. It couldn?t be repaired and had to be replaced. How do I treat the cost of the new tank and the labor charge?Free
- 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
- Is the rebate check (called a "stimulus payment") that we receive in May under the Economic Stimulus Act taxable income to us? Do we have to report it on our 2008 income tax return?Free
- Can I deduct my commute from my home to a worksite?Free
- An S corporation is going to purchase a car that is going to be used around 80% for business. Does the S corporation depreciate only 80% of the car?Free
- Can my family-owned corporation (C corporation) sponsor my education?Free
- May a self-employed person with an SEP also establish another plan?Free
- What is the proper way to report deductions when moving a home office from one home to another?Free
- Are my cell phone and Internet service not solely used for business deductible?Free
- Can a partnership set up an education assistance plan?Free