Post your Tax Questions here

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26 thoughts on “Post your Tax Questions here

  1. taisseGadaddy says:

    I’m impressed, I have to say. Genuinely rarely do I encounter a blog that is both educative and entertaining, and let me tell you, you might have hit the nail on the head. Your thought is outstanding; the issue is something that not enough folks are speaking intelligently about. I’m pretty pleased that I stumbled across this in my search for something relating to this.

  2. TaxMama says:

    Certainly James, that’s investment property.
    Report it on the new Form 8949, Part II for long-term sales.
    You will get a capital loss.
    You may deduct up to $3,000 per year in excess of any capital gains you have.
    So if it’s a large loss, you’ll be deducting it for several years.

  3. James Nichols says:

    In 2012 I sold a vacant lot for less than Its cost to me when I purchased it 11 years ago. Can I declare the loss on my personal federal tax return?

  4. leudis says:

    Have anyone use taxbiznow.com as a third party trasmitter can anyone tell me how is work, I need a third party transmitter.

  5. TaxMama says:

    Hi Danielle,

    NOTHING is forcing you to file a joint return with your about-to-be ex.
    If you are not divorced yet, you are free to file as Married, Filing Separately.
    And if he is a tax flake, you’re probably better off – even if the tax bite is a little higher on your own. At least you won’t be responsible for any taxes he may owe for 2012.

    Since you’re in the middle of a divorce, consider investing $39 in a self-study webinar about the tax implications of divorce. You will learn a LOT of information that will help you. http://www.cpelink.com/product/detail.php?p=4082&s=85iz6kg

    Good luck!
    Hugs
    Eva

  6. TaxMama says:

    Hi Sanjay,

    Your daughter sounds delightful.
    I suspect that she would still qualify as a dependent – as a qualifying child.
    But it all depends on whether or not she’s considered a full-time student.

    If she doesn’t qualify as a full-time student, then she won’t qualify as your child.
    And she’s earning too much to be a ‘qualifying relative” – over $3900 for 2012.
    Please go through the list of qualifiers in IRS Publication 501.
    Then you will know for sure.
    http://www.irs.gov/publications/p501/ar02.html#en_US_2012_publink1000220886

    I hope she qualifies!

    Hugs
    Eva

  7. danielle says:

    My husband got jammed up with the irs ..we both went last year and got all his past tax returns straightened out..but they took my info to..so my question is we are seperated right now and he wants a divorce..do I still have to file my taxes with him or can I file sepertly or will they still takme my return also.?

  8. barasat says:

    Hi Eva,

    We have daughter who is 22 yr old, she is a grad student and works part time earning less than 500.00 per month. She lives with us and we take care of her everything including university tuition fees. Can we show her as our dependent in our tax file as well as can she file for her own tax separately? Thanks.

    Sanjay

  9. TaxMama says:

    Hi Cole,
    Yes, that could be correct.
    What are the differences?
    Is there an explanation with it?
    If not, contact your payroll department and they can explain.

    And if you owe less, I WOULD file an amended return.
    But wait until the first one is processed.

    Hugs
    Eva

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