Depreciation

Selling Rental House

November 14, 2011

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  Today TaxMama hears from Debra in the TaxQuips Forum who wants to know. “How can I sell my rental home without paying taxes on the profit?” (Actually, the question is much longer. You can read the details, here.)

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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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Bonus Depreciation

June 21, 2011

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   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?

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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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Sec 179 for 2 Cars

March 30, 2011

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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?”

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TaxMama’s Tax Roundtable – March 2011 Session

March 21, 2011

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.

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Home Office or Rent

February 28, 2011

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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 [...]

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Deducting Business Car

January 6, 2011

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Today TaxMama hears from Michael in the TaxQuips Forum who wants clarification. “I drive a lot. Is there a maximum dollar amount I may deduct for my vehicle expenses?”

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Section 179 Commercial Vehicles

December 15, 2010

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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 [...]

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5th Wheel

November 2, 2010

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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?”

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