Capital Assets

Patent Fees

November 7, 2011

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Today TaxMama hears from Douglas in the TaxQuips Forum with this question. “How does one deduct the attorney fees related to obtaining a patent? The patent is for a video game. The taxpayer is not in the business of creating video games. The plan is to sell the patent to a video game company once [...]

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Flipping Off

October 11, 2011

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Today TaxMama hears from Marina in the Tax Quips Forum, with this situation. “Two separate clients have purchased houses to flip in 2010.  One is a R.E. agent the other is the owner of a construction co. (C corp).  Both have purchased a house, and after renovating them, both were able to flip their houses [...]

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Loss on Leasehold Interest

October 5, 2011

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Today TaxMama hears from Gordon in the Tax Quips Forum, who wants fairness. “In 1996 I purchased a leasehold interest in a lot in a recreational vehicle park.  The lot is on leased land owned by someone else.  Since there was actually no real property I assumed I would not have to pay capital gains [...]

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Real Estate Sales

August 31, 2011

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Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule K-1 (the partners’ share of income and transactions). Then it [...]

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Helping Son Pay College Loans

May 24, 2011

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Today TaxMama hears from Jack in the TaxQuips Forum who is bursting with pride over his son. “We are in more of a position to help my graduating son financially than when he started 3.5 years ago. He’s very sharp with investments. So we’re looking for ways to develop these skills while building cash to [...]

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Lost Down Payment

February 24, 2011

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Today TaxMama hears from Somsak in the TaxQuips Forum, who is hurting, badly. “In 2005 I signed a contract to purchase 2 units in a pre-construction CondoTel in Orlando, Florida. I submitted a 20% down payment of $211,960. In 2008 the project was completed, but only 47 out of 260 investors could close the escrows. The rest couldn’t [...]

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Land Option

October 25, 2010

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Today TaxMama hears from Jacqueline in the TaxQuips forum with this interesting question. “I own several acres of raw land. Several years ago a developer began to pay me a yearly amount for 4 years (as an option to purchase the land for a set price). I was advised not to report this income until [...]

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IRS Issues Final Regulations on New Basis Reporting Requirement

October 22, 2010

For Investors, Reporting Gains and Losses Gets Easier Starting in 2011 WASHINGTON — The Internal Revenue Service today issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later [...]

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Gain on Real Estate

September 1, 2010

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Today TaxMama hears from Toni in the TaxQuips Forum, who tells us.  “I’m doing my own partnership taxes and am confused about entering information. In 2009, I bought, fixed up and sold 2 properties. [and Toni adds lots of details. ] I’m confused because I’ve added the gain twice from Form 4797.  What am I [...]

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