Category Archives: Depreciation

Patent Fees

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 […]

Real Estate Sales

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 […]

Read the Contract

  Today TaxMama hears from someone with an endless set of questions. “It started out as a question about a lease buyout, which turned out not to be about an equipment lease, but a landlord-tenant lease, which turned out to be about a tenant-former tenant thing, which…”  

Bonus Depreciation

   Today TaxMama hears from Scott in the TaxQuips Forum with this question.  “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?

Sec 179 for 2 Cars

Today TaxMama hears from Pam in the TaxQuips Forum, with a good question. “1 purchased 1 new vehicle in 2010 that is used for both of my businesses (Sch C). How do I allocate the new vehicle Sec 179 deprecation expense to both businesses?”

TaxMama’s Tax Roundtable – March 2011 Session

March 17, 2011 TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms.

Home Office or Rent

Today TaxMama hears from Leslie in the TaxQuips Forum, who is quite clever. “I am helping a friend out with her business.  She currently takes a deduction for having a home office for the company that she runs out of her home. Would it benefit her more to charge the company rent?  I know she […]

Section 179 Commercial Vehicles

Today TaxMama hears from Jared in the TaxQuips Forum,who is confused. “What are the guidelines for writing off a new commercial van?  I need a big deduction. Can I write off the whole thing? I have been to many sites – and even the IRS site is different. I thought it was $25,000 last month […]

5th Wheel

Today TaxMama hears from Brad in Jacksonville, NC  , who says, “I’ve been considering purchasing a (self-contained) motorhome/fifth wheel RV for use as lodging/office to use on my business travels. Can I write it off?”

Renting Losses

Today TaxMama  hears from Alissa in the TaxQuips Forum. She wants to know, “The mortgage on my rental property is $1,500 (including tax, insurance, & a 2nd). But I only charge $1,200/month for rent because that is the going rate in the neighborhood. Do I still report the $1,200 as rental income even though it […]

Small Business Jobs Act of 2010

New Jobs Act brings tax benefits (9-23-2010) On  September 23, the House passed the Small Business Jobs Act of 2010 (H.R. 5297). It is expected to be signed by the President. Among its provisions:

TaxMama’s Tax Roundtable August 2010

  REPLAY today’s session – you can listen and SEE the session and forms