Today TaxMama hears from Lucylle in the TaxQuips Forum, with this question. “We want to sell our vacation home in Maine and buy another. Will we have to pay capital gains tax on it even if we buy another of equal value?”
Tag Archives: Tax Information
Dear Family, The stock market has been quite a ride this week. Someone was kind enough to thank me for my wise and useful advice and wanted to know if I could also help him with his septic system. (In other words…in case you missed the sarcasm, he’s saying I’m full of excrement.) Which is […]
TIGTA Publicly Releases Report on IRS Customer Service WASHINGTON – The Internal Revenue Service (IRS) provides helpful and accurate tax law assistance, but taxpayers experience lengthy wait times to speak with assistors, according to a new report publicly released by the Treasury Inspector General for Tax Administration (TIGTA). The audit, a follow-up review to […]
Today TaxMama hears from Kennet in the TaxQuips Forum, who has this issue. “I incorporated my HVAC company from a sole proprietorship (c-corp) six months ago.https://theteacherpreneur.com/wp-content/languages/new/jiskha-homework-help.html I was told that I could temporarily borrow the income coming in from the company to pay my bills – and that I could create a payroll later. Long […]
Today TaxMama hears from Eric in the TaxQuips Forum, who is a new landlord. “During periods of vacancy (in between tenants), are mortgage and utility bills tax deductible at all? Also are the costs of replacement furnace filters and pest control items, etc. purchased and used by me (the landlord) deductible as operating expenses?”
Today TaxMama hears from Kelly in the TaxQuips Forum who is doing something unusual. “I tried to claim the adoption credit on this year’s taxes. It was denied because “I can not use this credit for the adoption of a step-child”. After my divorce was final, I began adoption proceedings for my son. They were […]
Courtesy of IRS [TaxMama note: this applies deaths that took place in 2010. Even if you don’t think your family has an estate – PAY ATTENTION!https://redemperorcbd.com/wp-content/languages/new/antabuse.html If you don’t file the paperwork to establish the value of home, stocks or other assets owned by the person who died, you may end up with a tax […]
Courtesy of the IRS The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten […]
Today TaxMama hears from Richard in the TaxQuips Forum who is generous to his son. “My Son retired from the Army and moved into a house that is on a small farm I inherited. He wanted to make improvements to the house and didn’t want to wait until we passed on to the happy “hunting ground” […]
Courtesy of IRS. [TaxMama note: Owing money can be really frightening. However, they generally do NOT put in you in jail. And IRS is trying hard to help you find ways to pay, without spending $3,000 or more for a professional tax debt negotiator. So, please, use the help offered.https://biuinternational.com/wp-content/languages/new/how-to-write-argument-essay.html ] While the majority of Americans […]
Today TaxMama hears from Myra in the TaxQuips Forum with lots of questions. “I filed an extension. How should I file at year end? Single, married but filing at a single rate, or jointly. My husband receives Social Security disability. I file from a K-1. I have large amounts of deductions. I also can […]
Today TaxMama hears from Bradley in the TaxQuips Forum with a business idea. “I’m thinking about starting a business like Groupon. My partners and I are planning on sharing the cost of the coupon with the company offering it. We want to know if we will be taxed on the full amount, or just […]