Today TaxMama® hears from Atomicar in the TaxQuips Forum with this question. “We bought a house in December 2011 and moved in first day of 2012. What expenses can we deduct? (I know we can’t deduct house hunting or moving expenses.).”
Category Archives: Interest Expense
Today TaxMama hears from John in the TaxQuips Forum with a sweet question. “We are re-financing a loan on a 2 flat. Our daughter, who lives in one unit, will be the primary borrower on the loan; my wife and I will be co-borrowers. My wife and I will be making the entire mortgage payment. May […]
Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home. It is a 30-year loan at 5 3/8% fixed. My home is worth substantially more. Should I refinance at today’s rates? I could pay off the loan, but that would drain our […]
Today TaxMama hears from Karen in the Tax Quips Forum, with a complex problem. “Her client owns three homes: A primary home, a vacation home and a home for Mom. They bought the vacation home with a mortgage. After paying cash for their residence, they refinanced it buy Mom’s home. The question is – can […]
Today TaxMama hears from CL in the TaxQuips Forum, who is upset. “We rented out our home and I used TurboTax for our taxes. Due to the questions posed on TurboTax, i.e., “Do you own a home?” “What is your mortgage interest?” Then moving on in Turbotax in Rental Properties, the question is asked again […]
Today TaxMama hears from Kennet in the TaxQuips Forum, who has this issue. “I incorporated my HVAC company from a sole proprietorship (c-corp) six months ago.https://theteacherpreneur.com/wp-content/languages/new/jiskha-homework-help.html I was told that I could temporarily borrow the income coming in from the company to pay my bills – and that I could create a payroll later. Long […]
Today TaxMama hears from Wyetta in the TaxQuips Forum with this problem. “I tried to make a payment arrangement with the IRS for 2010 taxes owed.buy remdesivir online blackmenheal.org/wp-content/languages/new/us/remdesivir.html no prescription The IRS told me that I have to file for 2006, before they could offer a payment arrangement. Please instruct me on how to […]
Today TaxMama hears from Tiffany in the TaxQuips Forum who is upset with H&R Block. She tell us “My boyfriend and I own a home. Both of our names are on the deed and on the 2 mortgages we have on the house. We each file our own tax return… Since both of our names […]
Today TaxMama hears from Steve in the TaxQuips Forum with a reminder.buy stromectol online www.adentalcare.com/wp-content/themes/medicare/fonts/engl/stromectol.html no prescription He says, “After finding a true tax professional through one of the associations you suggested on this site, we feel much more confident, moving forward. We are now making voluntary payments with no installment agreement but designating the […]
Courtesy of IRS If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.
Today TaxMama hears from Mark in the TaxQuips Forum, who’s doing well.“ If I purchase a cruiser with a kitchen, 2 bathrooms, and 2 bedrooms, does it qualify as a second house? May I deduct interest paid on the boat as mortgage interest? Several boat dealers say “yes” (of course, but they do not have […]
Today TaxMama hears from Lucy in the TaxQuips Forum, who needs to know. “ I purchased a business in 2010 by giving the original business owner a down payment and then monthly payments thereafter. She is a limited liability company, but has dissolved the company in March 2010.https://www.epsa-online.org/wp-content/languages/new/temovate.html Do I send her a 1099-MISC for […]