Today TaxMama® reads the Tax Prof Blog’s notes about who benefits from the mortgage deduction. According to an analysis reported in the NY Times, only 30% of Americans really benefit from this deduction. They are essentially in the “upper-middle and upper-income households.” Doesn’t that make you feel rich? What is the reality?
Tag Archives: Law
Today TaxMama® hears from Tasha with a disturbing problem. “My girlfriend is thinking of filing for an education tax credit even though she is not enrolled in school at the moment. She says the person doing her taxes can issue a 1098T form if and when the IRS was to ask for proof, which will […]
Today TaxMama® hears from Kelly in the TaxQuips Forum, who is confused. Let me summarize. “Kelly’s father died, leaving the house to the children. But the value is less than $5 million, so no estate tax return needs to be filed. Why do they need to file anything to report the sale of the property?”
Today TaxMama® hears from Grace in the TaxQuips Forum, with this charming question. “We have a friend that is dying of terminal cancer and is expected to pass away within 6 months. We will use a web-site that easily allows fund gathering. But we need to know if there are tax consequences to her estate […]
Today TaxMama® hears from RG in the TaxQuips Forum with an oxymoron. “Can an irrevocable living trust be changed by the person that created it?”
Today TaxMama® hears from Grace in the TaxQuips Forum with an interesting question. “I understand that if you rent/lease your home for production filming for 14 days or less, then that income you earn is “exempt” from California and Federal taxes. Although a 1099 will still be issued by the filming company, on our taxes […]
Today TaxMama® hears from Lee in the TaxQuips Forum who wants clarification. “Are property taxes lower when a house is in a trust?”
Today TaxMama® hears from Nick in the TaxQuips Forum who is angry. “This year I saw some disturbing instances where independent contractors were issued 1099-MISC for higher amounts than they were actually paid. Some of contractors were paid in cash and there are no supporting documents on how they were paid. The reason for these […]
Today TaxMama® hears from Ivan in the TaxQuips Forum who seems to be concerned. “I have found lots of info on filing gift tax returns – penalties – life time exclusions. But what I cannot find is, what if someone makes a gift(s) to a child, or anyone else, in an amount well over the […]
Today TaxMama® hears from MJ in the TaxQuips Forum who tells us, “We have a friend whose child has been injured, and would like to raise funds for her to help pay for the bills. We cannot afford to file for a non-profit (KY); and don’t know if that’s even necessary for a case like […]
Courtesy of the Internal Revenue Service Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations.
Today TaxMama® hears from Barbara in the TaxQuips Forum, with these questions. “My mother has me as beneficiary on an annuity she had. Will that be considered income for me and taxable? Also she left her house in a trust. Are there any tax issues I need to know about?”