Tax forms in the United States

Making Hay

March 30, 2009

Today TaxMama hears from Dee in Virginia with a simple question. “I bought some ranch land that is actively producing hay. The mortgage is secured by the land. Can I deduct the mortgage interest from my income taxes?” Dear Dee, You betcha. Yes, you may deduct the mortgage interest. The questions are where to take [...]

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First $2,400 of Unemployment Benefits Tax Free for 2009

March 26, 2009

IR-2009-29, March 26, 2009 WASHINGTON — All or part of unemployment benefits received in 2009 will be tax free for many unemployed workers, according to the Internal Revenue Service. “This morning we learned that a record 5.6 million people were receiving unemployment benefits in the middle of March. This underscores the need for the relief [...]

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An Extra 1099-MISC

March 23, 2009

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Today TaxMama hears from Brian in Wisconsin who got a surprise. “Two weeks ago I filed my taxes and everything went fine. Well. I just a form 1099-misc from a website where I made some money last year ($800). what can I do now?” Share this:

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First-Time Homebuyers Have Several Options to Maximize New Tax Credit

March 20, 2009

WASHINGTON — As part of the Treasury Department’s consumer outreach effort and with the April 15 individual tax filing deadline approaching, the Internal Revenue Service today began a concerted effort to educate taxpayers about additional options at their disposal to claim the new $8,000 first-time homebuyer credit for 2009 home purchases. For people who recently [...]

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Getting Educated Again

March 16, 2009

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Today TaxMama hears from Lisa in California, who tells us, “ I decided to return to nursing. I am wondering, what are my tax deductions, if any? When can I start to claim them for my re-education? Costs will include refresher classes, books, etc. licensing fees, job interview fees, mileage, physicals, labs, certifications etc?” Share [...]

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Doggy Day Care

March 12, 2009

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Today TaxMama hears from Cheryl in Ohio, who tells us, “ I started a doggy daycare business in Oct. 2008. I am a 50% partner (LLC). I worked at my regular job until the end of Sept. 2008. I have my W-2 form from that employer. What do I need to file this year? I [...]

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Where to Pay Tax

March 3, 2009

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Today TaxMama hears from Nick in Wisconsin, who tells us. “I own several rentals in Wisconsin. I have been a Wisconsin resident for years. If I relocate to Florida where there is no personal income tax, then sell my rentals, will I have to pay capital gains tax to Wisconsin? I realize that the Federal [...]

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Huge IRS Bill

March 2, 2009

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Today TaxMama hears from Jeff in Massachusetts, who tells us. “I just received a notice from the IRS for 2007 claiming I owe $35,000 in additional taxes. After picking myself up off the floor, I looked at my 2007 return and realized my mistake was failing to file a schedule D showing that the gain [...]

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Offsetting Capital Losses

February 23, 2009

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Today TaxMama hears from Praveen in North Carolina, who asks. “Can I deduct gains from a rental property sale against my capital loss carryovers from stock sales?” Share this:

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Ask TaxMama Issue 491 – Jam in a Potato

February 13, 2009

Dear Family, An odd thing happened earlier this morning when I was goofing around on Pogo.com, playing one of the solitaire games. I learned something. They have a chat function, alongside the game, which I usually ignore. This morning, it was very busy. Turns out, this woman’s husband had broken a lightbulb, while it was [...]

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