Today TaxMama hears from Angie in the Tax Parlor who says, “I purchased a manufactured home last year. Is the rent I’m paying on the land deductible in any way? I use Turbo Tax since it is more affordable for me and I don’t see this any where in there.” Hi Angie, Nope. Not a […]
Category Archives: Property
Today TaxMama hears from Phillip in the Tax Parlor who wants to know, ” My wife and I purchased land with the intent to build on it. We have been paying on an interest-only land loan for over a year. Can I deduct this interest for 2006? We have a home already in which we […]
Today TaxMama hears from Christine from Yahoo! who tells us, ” My dad passed away in Aug 2005. He left me his mobile home, on which he still owed $48,000. The finance company sent me a tax form showing how much interest I paid on the loan. But it shows my dad’s Social Security number. […]
Today TaxMama hears from Marti in the Tax Parlor, who tells us , “I recently got married and we are trying to figure out the best ways to save money on taxes. We sold a property and plan to use the criteria for paying no capital gains on it. We own another property together and […]
Today TaxMama hears from Anita in Fair Oaks, CA who tells us: “We own a few acres of land full of trees. We did timber harvesting. Can we adjust the tax basis of the land as, probably, the land value has decreased due to the harvesting of timber? Do we get depletion allowance?” ~~~~ Dear […]
Today TaxMama hears from Tom in Upland, CA who wants to know, “I live in So. Cal. and am considering an LLC. I want to set-it-up in NV and do business in CA. I do land development and also sell real estate. Is this the best way to go for liability protection and the tax […]
Today TaxMama hears from Penny in Kansas who asks. “If a gas station owner is forced by the government to sell part of his property so a street can be widened, is that considered involuntary conversion? Eminent domain? Do you know how this situation should be treated tax-wise?”
Today TaxMama hears from Gerald in Kansas, who tells us. “I have talked to my mother-in-law and my wife about your advice on selling the house. We like the idea of refinancing the house rather than selling it and paying taxes the very large gain. And this will still leave my mother-in-law with a stream […]
Yesterday TaxMama responded to Keith in Wisconsin, who wanted to sell his home and an adjacent lot that he had paid to subdivide. Keith asked about his options when it came to selling the lots, together or separately.
Today TaxMama hears from Keith in Wisconsin, who poses this dilemma. “I have resided in my principal residence for three years, uninterrupted. It is on 6.3 acres of land. Two years ago, I had the land subdivided into two lots, one with the house on it, the other vacant land. If I sell both in […]
Today TaxMama wants to talk to you about protecting your assets – Not just from creditors, but from poor investments as well. We have a special treat in store for you today. We managed to snag a special expert to talk to TaxMama’s students today – but, I thought that what this man has to […]
Today TaxMama hears from Diana who grumbles, “I tried to list a new laptop using Section 179 for my new business.buy aciphex generic https://buynoprescriptiononlinerxx.com/aciphex.html over the counter The Feds were OK. But I could not list the full amount on the California return due to their lower Section 179 limits, so I left it off […]