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Recently Answered Questions
No. Having a decal or a removal sign that helps to advertise your business does not entitle you to deduct all of your driving as business mileage. You’re limited to the actual miles driving for busi...
A repayment of principal is never deductible. Interest on the loan may be deductible, depending on what you used the proceeds for. If you purchased securities, the interest is treated as investment in...
Yes. The specific identification method allows you to use the cost basis of the shares you sell to figure your gain or loss. FIFO, or first-in, first-out, is the default method for figuring basis if y...
This rule expired at the end of 2014 and has not yet been extended for 2015. Many believe it will be extended, but it is advisable to wait until later this year to see what Congress does before making...
While you clearly have an economic loss, tax rules prevent you from deducting the decline in value from your $120,000 purchase price to the value at the time you converted the condo to rental property...
Yes. Normally, to qualify for the home sale exclusion of up to $250,000 of gain on the sale of a principal residence ($500,000 for joint filers), you must own and use your home for two out of the five...
Only cash contributions (e.g., checks, credit card charges) are acceptable in 529 plans. You’ll have to sell the stock and donate the proceeds. If the stock has appreciated, you’ll owe capital gai...
If you are talking about federal income taxes, they are never deductible. If you paid state income taxes for 2014 when you filed your return in 2015, the additional taxes you paid with your return bec...
What you do for your family is great, but the tax law doesn’t reward you with any special tax breaks. If you care for grandchildren in your home and are paid, you must report the income (you may owe...
If you fail to meet the two-out-of-five year ownership and use tests, you can qualify for a partial exclusion (related to the period of time you were in the home) if you can show that the move was bec...
No. Having a decal or a removal sign that helps to advertise your business does not entitle you to deduct all of your driving as business mileage. You’re limited to the actual miles driving for busi...
A repayment of principal is never deductible. Interest on the loan may be deductible, depending on what you used the proceeds for. If you purchased securities, the interest is treated as investment in...
Yes. The specific identification method allows you to use the cost basis of the shares you sell to figure your gain or loss. FIFO, or first-in, first-out, is the default method for figuring basis if y...
This rule expired at the end of 2014 and has not yet been extended for 2015. Many believe it will be extended, but it is advisable to wait until later this year to see what Congress does before making...
While you clearly have an economic loss, tax rules prevent you from deducting the decline in value from your $120,000 purchase price to the value at the time you converted the condo to rental property...
Yes. Normally, to qualify for the home sale exclusion of up to $250,000 of gain on the sale of a principal residence ($500,000 for joint filers), you must own and use your home for two out of the five...
Only cash contributions (e.g., checks, credit card charges) are acceptable in 529 plans. You’ll have to sell the stock and donate the proceeds. If the stock has appreciated, you’ll owe capital gai...
If you are talking about federal income taxes, they are never deductible. If you paid state income taxes for 2014 when you filed your return in 2015, the additional taxes you paid with your return bec...
What you do for your family is great, but the tax law doesn’t reward you with any special tax breaks. If you care for grandchildren in your home and are paid, you must report the income (you may owe...
If you fail to meet the two-out-of-five year ownership and use tests, you can qualify for a partial exclusion (related to the period of time you were in the home) if you can show that the move was bec...
