Tag Archives: tax answers

He Bought the Farm

Today TaxMama hears from Barb in the TaxQuips Forum with a simple question.  “The farmer is selling his farm, and everything on it, to his son for $1.  The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797?buy Glucophage online https://bloinfobuy.com no prescription

Bride Files Alone

Today TaxMama hears from Nancy in the TaxQuips Forum with several questions.  “I am to be married this year. I am going to file as married, filing separately (MFS).  Can I claim my husband since he is disabled and collecting social security disability? Also I understand that I cannot mix the standard deduction and itemizing on […]

Bonus Depreciation

   Today TaxMama hears from Scott in the TaxQuips Forum with this question.  “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?

What is Half of the Homebuyers Credit?

Today TaxMama has been fighting the good fight for the rights of homeowners who filed for the homebuyers credit.buy tadalafil online https://healthsystems24.com/wp-content/languages/new/tadalafil.html no prescription   The latest issue? When a married person files a separate tax return, how much is half the homebuyer’s credit? Is it based on half the purchase price of the house? […]

Coaching Expenses

Today TaxMama hears from Mimi in the TaxQuips Forum who tells us. “My husband coaches my son’s Little League and travel basketball team.  Occasionally, he buys equipment for the team’s use and hosts an after-season party, complete with pizza, cake and beverage.  Some of these expenses are not reimbursed by the league.  Are these deductible?  How about […]

Vacation to Orlando

Today TaxMama hears from Shaun in the TaxQuips Forum who wants to write off his vacation. “My son and I are traveling to Florida. I have a property in Jacksonville, FL that I need to check on. Can I fly in and out of Jacksonville to take care of business? Then drive to Orlando for […]

Phooey on FUTA

Today TaxMama hears from Terri in the TaxQuips Forum with a question. “I am a California business. Each year we did an annual return for Federal Unemployment tax (FUTA) taxes as a reconciliation for the payments we make each quarter.  We did the same annual return for CA SUI.  Beginning in 2011 The State of […]

Deducting the Class Snake

Today TaxMama hears from Susan in the TaxQuips Forum with a fun case. “Assuming that I won’t make my son pay for it out of his allowance, for volunteering me to take care of the class snake for the summer… Can I deduct the cost of the frozen rats it eats? And what about if […]

Kicking Back Commissions

Today TaxMama hears from SB in the TaxQuips Forum with a common problem. “As a real estate professional, I had to kick back some commissions to a buyer to close a sale. But I am getting the 1099-MISC for the full commission. Can I give the buyer a 1099-MISC for the commission I paid her? […]