Tag Archives: Contract law

Home Warranty

Today TaxMama hears from James in Florida with this question. “I’m a licensed Realtor ® in Florida. If I purchased a home warranty plan for a buyer as a gift at closing, could I deduct the cost from my taxes at years end?”

Leasehold Improvements

Today TaxMama hears from David in New York with this sensible question.https://londonbes.education/Media/new/write-paper-for-me.html “I have leasehold improvements in a warehouse I rent. The lease is five years. May I depreciate the leasehold improvements over the life of the lease, or five years?buy antabuse online healingtohappy.com/wp-content/languages/new/over/antabuse.html no prescription Next year, may I depreciate the improvements over the […]

First Home Draws

Today TaxMama hears Kathy in Oklahoma who asks .https://www.datafactories.org/wp-content/languages/new/college-essay-service.html “Do I have to pay taxes on money withdrawn from an annuity in order to purchase a home?”

Rent to Relative

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 […]

Not Qualified Distribution

Today TaxMama hears from Harry in Pennsylvania, who tells us, “I withdrew money from an IRA which used to be an employer annuity, but became an IRA when I left them. I am over 55 and separated from service. Does exception 2, separation from service, apply to distributions from an IRA? Since I am under […]

Garnished Taxes

Today TaxMama hears from Tony in Ohio who tells us. “I am currently getting garnishments taken out of my wages. Is this refundable? Or do I at least get credit towards filing my next return?” ~~~~ Dear Tony, If your paycheck is being garnished by IRS or your state, that money is going towards paying […]

Taxed Twice?

Today TaxMama hears from Kerry in Iowa, who tells us. “My husband is a sole proprietor general contractor. The lumberyard has handed him some great jobs. But they have been the general contractor on them. They pay my husband for his contracts with them. Recently, we hired a subcontractor to do the electrical work, which […]