Income

Sloppy 1099ing

February 23, 2012
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Today TaxMama® hears from Gary in the TaxQuips Forum who has this problem. Let me paraphrase:  “Gary has already filed his LLC’s tax return, reporting all his income properly. Suddenly, nearly three weeks past the 1099 deadline, he gets a 1099 showing income he received, plus reimbursements for materials and supplies – that were not [...]

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Child Chips In

February 6, 2012

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Today TaxMama® hears from Susan in the TaxQuips Forum with a well-reasoned question. “This concerns a mentally disabled 20-year-old living at home. She just started receiving money from her father’s pension, instead of Social Security Disability. At what point does contributing to the household become income. I contend that as long as you are the [...]

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Hypothetical Questions

October 31, 2011

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  Today TaxMama hears from someone in the TaxQuips Forum with another question about a barter. Rather than going into the details of her question (which you can read here), let’s talk about hypothetical questions. Share this:

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What is Income?

October 24, 2011

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  Today TaxMama hears from Jude in the Tax Quips Forum, with a wise question. “After reading about how barter and other unthought-of things are considered taxable, I started wondering. Are any of the following considered taxable – and how much is worth worrying about?” And Jude lists a few common happenings – which you [...]

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Frequent Flyer Miles

July 19, 2011

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Today TaxMama hears from Diana in the TaxQuips Forum with a question about a fun topic. “I am hearing some confusing opinions on whether or not I am supposed to claim my awarded airline miles…My husband and I have actually already received some awarded airline miles for opening credit cards this year. I would love [...]

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Ten Facts for Mortgage Debt Forgiveness

March 4, 2011

Courtesy of IRS If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness. Share this:

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Airline Miles

February 22, 2011

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Today TaxMama hears from Rachel in the TaxQuips Forum, who did something clever. “If I booked a ticket for a friend of mine with my airline points and I was paid the value of the ticket, is that considered taxable income? If so, which line would I put it on the 1040?” Share this:

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Less Income, Yet Taxes are Due

June 21, 2010

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Today TaxMama hears from Felicia who is upset. “My mother and I bought a home two years ago; but both of us lost our jobs and are on unemployment. For some reason, when she was doing her taxes with her tax lady, my mother ended up owing almost $1,000.00. Why would that happen if she [...]

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Cancer Policy

April 7, 2010

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Today TaxMama hears from Donna in Texas in the TaxQuips Forum, with a sad question. “One of my clients brought me a 1099-MISC from an insurance company. In box 3, Other Income they have an amount of $50,000.00.  She had taken out an insurance policy for cancer and she got it.  She has never claimed [...]

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