Today TaxMama hears from Bill in California who says,“I am considering renting a home that I own to a relative. I recently read a snippet that stated ‘’…People who rent property to their family or friends can lose virtually all of their tax deductions.’’ Is this true? If so, under what circumstances would I lose […]
Category Archives: *Tax Quips
Today TaxMama hears from Dorothy in Texas who says, “My husband is employed by the railroad and we live in a fifth wheeler.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/azithromycin.html Our original home state was New Mexico. We now travel to railroad sites in Texas for employment.buy uk singulair online www.mabvi.org/wp-content/languages/new/uk/singulair.html no prescription We rarely go to NM. Our home is rented. […]
Today TaxMama hears from Trudy in New Jersey who wants to know, “In regards to the tax rebate. If you claim your parent as a dependent do you get a credit for them?buy furosemide online https://www.mobleymd.com/wp-content/languages/new/furosemide.html no prescription My husband and I have 3 children and also claim my mother on our taxes as a […]
Today TaxMama hears from Andre in New Jersey who tells us, “My dad died last year and he left some money to me and my two siblings. He worked for the State of Illinois and it’s from a deferred compensation plan. Is the money taxable in New Jersey (where I live)?”
Today TaxMama hears from Bobbi in Nevada who asks, “If I sell property that I inherited, such as excavation equipment for scrap steel, do I have to be concerned with capital gains?”
Today TaxMama hears from Judy in Kansas who tells us, “I had a house fire in 2004 and I am just now filing an amended return for 2004 for the casualty losses. They resulted in a net operating loss (NOL). It is past the 3 year timeframe for filing a 1040x for 2002 and 2003. […]
Today TaxMama hears from Robert in Virginia who wants to know, “I have a 74 mile commute to work everyday, can I deduct the miles, gas, tolls and car repairs, in my taxes? I use my personal car which is about 70% used for my commute to my job.”
Today TaxMama hears from Milton in New Jersey who tells us, “I purchased a home in 2007, and someone told me the closing cost were tax deductible. Is this true?”
Today TaxMama hears from Louis in South Carolina who says, “I lost $30,000 in an ‘’Investment Pool’’ that turned out to be a Ponzi scheme (see link in Resource Box below). The perpetrator was convicted at the end of 2007. How do I claim this loss on my taxes for 2007?”
Today TaxMama hears from Karen in California who tells us, “I am custodian of an UTMA account for my 4-year-old niece.https://www.epsa-online.org/wp-content/languages/new/aciphex.html I received a 1099 this year listing approximately $500 in capital gains and dividends. I’m not in contact with my niece’s parents, nor are they aware of this gift.buy clomid online cpff.ca/wp-content/languages/new/canadaa/clomid.html no prescription […]
Today TaxMama hears from Ivy in Delaware who tells us, “My 17-year old worked part-time in 2007.buy synthroid online drugeriemarket.co.uk/wp-content/languages/new/britain/synthroid.html no prescription Do I also claim him in my tax return?”
Today TaxMama hears from Jackie in Virginia who tells us, “We had some water damage on our rental property and the insurance company paid for the repairs. Is the insurance payment for the repairs considered income?https://www.sinverrugasylunares.com/wp-content/languages/new/amoxil.html ”