Tag Archives: Florida

Home Warranty

Today TaxMama hears from James in Florida with this question. “I’m a licensed Realtor ® in Florida. If I purchased a home warranty plan for a buyer as a gift at closing, could I deduct the cost from my taxes at years end?”

Husband co-signed

Today TaxMama hears from Nancy in Florida with this problem. “I am a first time home buyer. My husband co-signed for someone 4 years ago. That house was never his primary residence. We can prove it with lease papers from our apartment. My house mortgage is only on my name. My husband is in the […]

Short Sales et al

Today TaxMama hears from Lori in Florida with a depressing question. “Can you please tell me where I would find more info on the tax implications from doing a short sale of primary residence? I have quite a few Florida clients that are doing this vs foreclosure. I know that it is cancelled debt, but […]

Ask TaxMama Issue 523 – Exotic Climes

Dear Family, A wonderful, charming, delightful and otherwise irresistible gentleman just called to pay for his tax return via credit card. Which reminded me about something funny that happened. Lulu and I were all excited about getting a new student from Micronesia. Talk about way out there! We wanted to call here, but at 7:00 […]

IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud

Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme. On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the […]

Transferring an IRA Triggered 10% Penalty

Courtesy of David & Mary Mellem, EAs We’re not talking about a normal transfer of an IRA here. We are talking about a taxpayer who transfers an IRA from which the taxpayer was taking substantial equal periodic payments. First an overview: A taxpayer is generally subject to income tax on distributions from an IRA account […]

What is a New Home

Today TaxMama hears from Linda in Florida, who tells us. “I have been buying a piece of land for about 9 years. Recently I purchased a mobile home ($500.00 cash) to put on it. Does this qualify me for the new home purchase tax refund?”

Missing Checks

Today TaxMama hears from Susan in Florida, with this issue. “If the owner of a business is able to provide bank statement, but no copies of checks, can the owner provide a written statement defining the percentage that was spent in each category? For example. 5% spent on Utilities, 30% spent on advertising, etc.”

Complete List of Deductions

Today TaxMama hears from William in Florida with this request. “My wife is in school and doing her practicum in psychology. She is working for a nonprofit and considered a independent contractor. She was told she could take certain tax deductions such as mileage, cell phone etc. And I would like to get a complete […]

Beware – $181 Million Payroll Tax Fraud

Don’t let this happen to you! Outsourcing payroll duties to third-party service providers can streamline business operations but remember, you are ultimately responsible for paying federal tax liabilities. Beware – $181 Million Payroll Tax Fraud Orlando, Florida – United States Attorney A. Brian Albritton announces that U.S. District Judge John Antoon, II, today sentenced Frank […]

Ask TaxMama Issue 507 – Stopping Time

—— Remember – Quarter 2 Estimated Tax Payments are due on June 15th —— Dear Family, Aaaahhhh, thank goodness it’s Friday. Only one more day and night to work this week. Whew! It’s been a tough week. We tried out some new conferencing software that’s been around for more than a decade. All established and […]

Late Estimated Payments

Today TaxMama hears from Jeff in Florida who is concerned. “Don’t you have to show an income with a small business at least one year out of five? My girlfriend has a small business that has shown a NOL for the past three years.”