Tag Archives: Insurance

Stop Bitching – Do Something About It!

IRS Seeks New Issues for the Industry Issue Resolution Program IR-2008-93, August 7, 2008 WASHINGTON — Businesses and associations have until Aug. 31 to submit tax issues to the Internal Revenue Service to be included in the Fall 2008 review in the Industry Issue Resolution (IIR) Program. IIR is an IRS program to resolve business […]

FDIC Limits

Today TaxMama hears from Bud in Tennessee who tells us: “My wife had a CD in an online bank that exceeded the FDIC guaranteed amount. The Internet bank went into receivership and my wife lost the amount that exceeded the FDIC limit. What are the tax implications as far as the loss and what schedules […]

Inherited House

Today TaxMama hears from Don in Texas who tells us, “My brother and I inherited a house in 2004 from my aunt. Neither of us have ever lived in the house, nor have we rented it out. We sold the house in 2007 for $10K less that the FMV upon the death of my aunt. […]

Closing Costs and HUD-1

Today TaxMama hears from Milton in New Jersey who tells us, “I purchased a home in 2007, and someone told me the closing cost were tax deductible. Is this true?”

Casualty Loss

Today TaxMama hears from Jackie in Virginia who tells us, “We had some water damage on our rental property and the insurance company paid for the repairs. Is the insurance payment for the repairs considered income?”

Help for California Wildfire Victims

[Courtesy of the Internal Revenue Service] The Internal Revenue Service is closely watching the situation in Southern California and will soon issue specific guidance for victims of the wildfires. In the meantime, if you own property damaged by fire in the presidential disaster area, you have a choice: You may claim uninsured or unreimbursed disaster […]

IRS Warns Taxpayers About Certain Trust Arrangements Sold As Welfare Benefit Funds

[Courtesy of IRS] WASHINGTON – The Internal Revenue Service and the Treasury Department cautioned taxpayers about participating in certain trust arrangements being sold to professional corporations and other small businesses as welfare benefit funds and identified some of the arrangements as listed transactions. There are many legitimate welfare benefit funds that provide benefits, such as […]

Doctors Billing

Today we hear from a doctor’s wife, with a common problem, (note: I can’t find the original question, so I hope you read this reply.) “We have a couple of doctors who use my husband’s physician number to bill insurance companies and Medicare for services. When we receive the money, we pay it over to […]

Disability Income

Today TaxMama hears from Sal, who tells us. “In the year 2006 an employee of a non profit social service organization located in New York State received third-party sick pay directly from an insurance company. A separate W-2 showing the sick pay was issued to the employee. It shows no Federal, State or Local withholding […]

Staying Afloat

Today TaxMama hears from Shirley in Florida, who has this problem. “In 2002 a boat I’ve owned since 1986 ran aground.I had used it as a business to run charters. My insurance paid me $10,000 to have it towed to dry dock repairs. The depreciated value at the time of the accident was $3,000. Extensive […]