<?xml version="1.0" encoding="UTF-8"?><rss version="0.92"> <channel><title>JK Lasser Posts &gt;&gt; Ask JK</title><link>http://www.jklasser.com</link> <description>Your trusted tax resource for 75 years</description> <lastBuildDate>Tue, 21 May 2013 12:34:39 +0000</lastBuildDate> <docs>http://backend.userland.com/rss092</docs> <language></language><item><title>Are insurance payments made for health services on an in-home care policy deductible (I received a Form 1099-LTC)?</title> <description><![CDATA[You cannot deduct the payments under your long-term care policy; you may be able to deduct care costs in excess of the payments you received. The payments under a long-term care policy usually are not taxable because they are applied to health insurance costs.]]></description><link>http://www.jklasser.com/askjk/are-insurance-payments-made-for-health-services-on-an-in-home-care-policy-deductible-i-received-a-form-1099-ltc/</link> </item> <item><title>Is a payment received for an insurance claim from an automobile accident taxable?</title> <description><![CDATA[No. It is merely compensation for the damage you sustained to your property. Insurance recoveries become taxable only when they generate a profit to you (they are more than your tax basis in the vehicle).]]></description><link>http://www.jklasser.com/askjk/is-a-payment-received-for-an-insurance-claim-from-an-automobile-accident-taxable/</link> </item> <item><title>5 Apps to Help with Taxes</title> <description><![CDATA[Going mobile? Apps can be used to maintain records you’re required to have, to keep you informed on tax news, and enable you to track the status of your tax refund. Some apps are free; others have a nominal cost. Also check on the platform (e.g., iPhone, Android) availability. Here are 5 examples of helpful [...]]]></description><link>http://www.jklasser.com/askjk/5-apps-to-help-with-taxes/</link> </item> <item><title>Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.</title> <description><![CDATA[A church can be treated as a public charity eligible to receive the transfer and give you tax-free treatment. Check with your church to learn whether it is an IRS-approved Section 501(c)(3) organization.]]></description><link>http://www.jklasser.com/askjk/can-i-make-a-direct-transfer-of-my-ira-to-my-church-and-qualify-for-tax-free-treatment-up-to-100000-im-72-years-old/</link> </item> <item><title>For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?</title> <description><![CDATA[In order to arrive at “net investment income,” which is the figure on which this tax is based, start with gross income from your rental activities. Then reduce it by deductions properly allowable to this income. While the IRS has yet to clearly define the scope of these write-offs, it is likely they would include [...]]]></description><link>http://www.jklasser.com/askjk/for-purposes-of-the-3-8-additional-medicare-tax-on-net-investment-income-in-2013-how-does-this-relate-to-rental-income/</link> </item> <item><title>Are there any residential energy credits for 2012?</title> <description><![CDATA[Yes. The nonbusiness energy credit for making certain home improvements is effective in 2012 and 2013 and applies to: Insulation Exterior windows, doors, and skylights Certain metal roofs Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heaters; and stoves that use biomass fuel Qualified natural [...]]]></description><link>http://www.jklasser.com/askjk/are-there-any-residential-energy-credits-for-2012/</link> </item> <item><title>I sold my residence at a loss. How do I report this on my tax return?</title> <description><![CDATA[Losses on property used for personal purposes are not deductible. You do not have to report the sale unless you received Form 1099-S. If you did receive this form, then report the sale on Form 8949 even though the loss is not deductible. Enter “L” in column (f) and enter the amount of the nondeductible [...]]]></description><link>http://www.jklasser.com/askjk/i-sold-my-residence-at-a-loss-how-do-i-report-this-on-my-tax-return/</link> </item> <item><title>We had a cleaning service clean our home because my wife could not because of her medical issues and my being away on business. Can I deduct this cost?</title> <description><![CDATA[Probably not. The cost of a home health aide whose services are prescribed by a doctor to care for your wife would be considered a deductible medical expense, but cleaning services would not. While not applicable to your situation, be aware that cleaning services included in the monthly rental fee for assisted living arrangements or [...]]]></description><link>http://www.jklasser.com/askjk/we-had-a-cleaning-service-clean-our-home-because-my-wife-could-not-because-of-her-medical-issues-and-my-being-away-on-business-can-i-deduct-this-cost/</link> </item> <item><title>I converted my IRA to a Roth IRA in mid-December 2012. What value do I use to determine the taxable amount from the conversion?</title> <description><![CDATA[The taxable amount (assuming that the traditional IRA was funded entirely with deductible contributions) is the value of the account on the date of conversion. Do not confuse this valuation date with the one used for determining required minimum distributions (where the value of the account on the last day of the previous year is [...]]]></description><link>http://www.jklasser.com/askjk/i-converted-my-ira-to-a-roth-ira-in-mid-december-2012-what-value-do-i-use-to-determine-the-taxable-amount-from-the-conversion/</link> </item> <item><title>Is the cost of the meal plan I pay for my child part of the American Opportunity credit?</title> <description><![CDATA[No. The only qualified expenses taken into account in figuring the credit are tuition; student-activity fees; and books, equipment, and supplies needed for courses. Expenses for room and board, travel, and other personal expenses do not qualify.]]></description><link>http://www.jklasser.com/askjk/is-the-cost-of-the-meal-plan-i-pay-for-my-child-part-of-the-american-opportunity-credit/</link> </item> </channel> </rss>
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