Real Estate Dealer

by TaxMama on September 2, 2010

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Today TaxMama hears from David in the TaxQuips Forum, who defines a dealer in real estate as someone who sells a single property for profit, as long as  the intent to act as a dealer to real estate is present.”

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Gain on Real Estate

September 1, 2010

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Today TaxMama hears from Toni in the TaxQuips Forum, who tells us.  “I’m doing my own partnership taxes and am confused about entering information. In 2009, I bought, fixed up and sold 2 properties. [and Toni adds lots of details. ] I’m confused because I’ve added the gain twice from Form 4797.  What am I [...]

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Selling Inherited Home

August 31, 2010

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Today TaxMama hears from Jami from California in the TaxQuips Forum, who has this question.  “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?”

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Loss on Surrender

August 30, 2010

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Today TaxMama hears from Karla in the TaxQuips Forum, with this question.  “Is the loss on surrender of life insurance deductible on 1040?”

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Ask TaxMama Issue 565 – Thank YOU

August 20, 2010

Dear Family,
THANK YOU.
Did I remember to tell you just how much I appreciate you – your friendship and support, your comments and even, sometimes, your silences? Well, THANK YOU.
We don’t always remember to show our gratitude or appreciation. So, many years ago, I created a holiday for this very purpose. (You’ll even find mentions of [...]

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Making IRS Payments

August 20, 2010

Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year
WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.
The proposed regulations (REG 153340-09) would eliminate [...]

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The Sheer Genius of Politicians

August 20, 2010

In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify.
His proposal was rejected 57-42 on a party-line vote because, as one Senator explained, “passage of such [...]

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Happy Thanks for All the Gifts Week

August 20, 2010

Is there someone you forgot to thank?
Is that Thank You card burning a hole in your pocket?
Is Mom pestering you about calling your aunt?
How long have you meant to thank him for that locket?
 
Well, for all you procrastinators,
you ‘I meant to do it’ divas,
you folks with good hearts and poor memories -
This one’s for [...]

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Is This Taxable Income

August 19, 2010

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Today TaxMama hears from Karen in California in the TaxQuips Forum, who tells us.  “My father died from lung cancer that was determined to be caused by job conditions. My brother and I may be receiving a one-time survivors benefit compensation check for a large amount of money. Will this be taxable income?”

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TaxMama’s Tax Roundtable August 2010

August 18, 2010

 
REPLAY today’s session – you can listen and SEE the session and forms

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