Author Archives: TaxMama

National Taxpayer Advocate Report to Congress

National Taxpayer Advocate Releases Report to Congress; Identifies Priority Challenges and Issues for Upcoming Year WASHINGTON — National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be […]

Establishing Title

Part of rebuilding New Orleans often challenges residents with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here is a great letter an attorney […]

The Social Security Marriage Tax Penalty

by Doug Thorburn, EA, CFP Single taxpayers with Social Security benefits subject to the phase-in rules experience exorbitant tax brackets at moderate incomes. Married filers suffer quietly at generally lower rates, but that doesn’t mean they are better off. The reason is the “base amounts” for married filers begin at such relatively low income levels […]

Parents Property Exempt

Today TaxMama hears from Vivian in California who asks. “How do I get my parents property exempted from taxes? They are both retired & on Social Security. My dad has been on disability for years.”

Daughter’s Residency

Today TaxMama hears from the Joni in Il who is concerned, “Our daughter is going to a school away from our home, but in the same city as her grandparents. So she is moving in with them. If we allow her to establish residency with her grandparents, her tuition will be less. Would we still […]

Clergy Home Building

Today TaxMama hears from the Minister’s wife in Kentucky, who tells us, “My husband’s housing allowance is exempt from taxes. We are currently building a home, while temporarily living with relatives until its completion.buy Cymbalta online https://medstaff.englewoodhealth.org/wp-content/languages/new/ no prescription Will we be able to deduct any of the expenses from the construction of this new […]

What is the Penalty?

Today TaxMama hears from Rebecca in the Carolinas who has this problem, “I’m on payroll; so I have withholding. But my husband is supposed to pay quarterly taxes, because he is self-employed. He didn’t do it at all in June. I got concerned. So I used the voucher and mailed a scant $100.00 check. It […]

Ask Taxmama Issue 417 – Lucky Friday the 13th

Dear Family, Another fast week. Did you blink – and it’s Friday? OK, you blinked – and I moved TaxQuips.com to a different server. The move went so seamlessly and smoothly that you never even saw it happen. (Only, if you posted any comments or notes after about 1:00 pm PDT yesterday, let me know […]

Like-Kind Exchange Rules Do Not Apply to Vacation Homes

By David & Mary Mellem, EAs Mr. & Mrs. Moore purchased real estate (vacation home) in 1988. This property was located approximately 3 hours from their principal residence. About 1996 they changed their principal residence to another city in the opposite direction from the vacation home. Due to the longer travel to get to the […]

Gambling Winnings and Losses

Your summer vacation may mean a trip to the casino or the racetrack. What will you owe Uncle Sam if Lady Luck happens to be on your side? Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, […]

Centsible Observations

1) When I die, I want to die like my grandfather—who died peacefully in his sleep. Not screaming like all the passengers in his car.” —Author Unknown 2) Advice for the day: If you have a lot of tension and you get a headache, do what it says on the aspirin bottle: “Take two aspirin” […]

Gifted Stock

Today TaxMama hears from Cindy who tells us, “I was gifted stock over several years.buy elavil online blackmenheal.org/wp-content/languages/new/us/elavil.html no prescription buy zithromax online https://tjurhat.com/evemedica/wp-content/languages/new/zithromax.html no prescription Now I am getting ready to sell the stock.buy nolvadex online https://tjurhat.com/evemedica/wp-content/languages/new/nolvadex.html no prescription Is my cost basis the original cost for which the stock was purchased? Or is […]