Tag Archives: Insurance

Earthquake Insurance

Today TaxMama reads an article from Al Tompkins at Poynter.org who ponders “Is earthquake insurance worth the cost?”

Ask TaxMama Issue 533 – Blowing Away the Bad Times

Dear Family, We’re getting ready for TaxMama’s Last Minute Tax Workshop – on Monday. It is designed to update you on the high points of things you need to know for your 2009 tax returns. Some tips to help you in 2010 – and things to watch out for! You will also learn a few […]

Torn Down by Accident

Today TaxMama hears from Sandra in Texas, with this unusual situation. “I owned two rental properties; but one was accidentally torn down by the city. It had damage due to hurricane Ike. Can I take the value of this property off my taxes? Can I take it as a loss?”

Obama and His Health Care Plan

Today TaxMama wants to summarize the high points of President Obama’s Health Care speech last night.

Alert for COBRA subsidy recipients

Courtesy of the IRS COBRA subsidy recipients who later become eligible for insurance coverage should notify their former employer to avoid a penalty Individuals who have qualified and received the 65 percent subsidy for COBRA health insurance, due to involuntary termination from a prior job, should notify their former employer if they become eligible for […]

Top Ten Tips for Taxpayers Deducting Casualty and Theft Losses

Courtesy of the IRS Taxpayers who find themselves the victim of a natural disaster or theft this summer should know the rules for deducting their casualty losses next year when they file their federal tax return. Generally, you may deduct losses to your home, household items and vehicles on your federal income tax return. Here […]

IRS Seeks New Issues for the Industry Issue Resolution Program

WASHINGTON — The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution that involve a controversy, dispute or an unnecessary burden on business taxpayers. The objective of the IIR program is to resolve through issuance of new and improved […]

Married Son’s Insurance

Today TaxMama hears from Mike in New Jersey with this question. “Can I deduct my son’s health Insurance premium of $900 a month that his wife and he can no longer afford to pay, on my tax return?”

IRS Seeks New Issues for the Industry Issue Resolution Program

IR-2009-18, March 5, 2009 WASHINGTON — The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution involving a controversy, a dispute or an unnecessary burden on business taxpayers. Though submissions can be made at anytime for consideration in the […]

Ask TaxMama Issue 481 – Gridlock and Lightning Speed

Education Paid by Insurance

Today TaxMama hears from Angela in Los Angeles, who tells us. “My friend got a form 1098-T . There is an entry of $11,200 in box 10 of her 1098-T. She has about $3,000 income from W-2. She is afraid to do her tax return because she thinks that amount from Box 10 of 1098-T […]