All Questions

1
vote
1answer
9 views

Homebuyer Credit

Hello, I have a co-worker who purchased a new home in 2008, and did not claim the Homebuyer credit for that year. Is he able to claim his home for 2009 Tax Year? I can provide a …
3
votes
2answers
21 views

DIY Tax Software Insufficient

First, the requisite disclosures - This is a Tax Court Summary Opinion so you can't use it as a precedent. It does NOT specify a particular tax software, nor should it. The case …
1
vote
0answers
9 views

How should I handle a 1099C received for a short sale of investment property?

I sold an investment property for 220K I owed 325K short sale approved by the bank resulted in a 1099c for the difference 105K originally purchased for 365K and took the normal dep …
3
votes
1answer
18 views

Deduction of services in photgraphy business.

My part-time photographer wife donated several $100 photo sessions to a charity that was putting together a calendar with pictures of athletes. Filing via turbo-tax, it looked lik …
2
votes
3answers
16 views

Rental Property Depreciation Catch-Up

I have a rental property that I neglected to depreciate on last year's tax return. I have read on a third party website that you can depreciate up to three prior years on one retur …
3
votes
2answers
20 views

Income earned from U.S. foundation while overseas - Do they pay tax?

Are there any reasons a U.S. citizen working overseas, earning income from a U.S foundation would NOT pay tax?
1
vote
0answers
13 views

Joint Tenancy filed under one tenant. Proceeds to be split.

Three tenants in common own property. The property was sold in 2009. The note on the property is only in ONE of the tenants names, but the deed is in all three of their names. T …
3
votes
2answers
23 views

Tax Home not residence and per-diem

I would appreciate any cites anyone may have on this. I have a client who is an employee of a large discount chain. He is a truck driver. The company provides the truck. Compen …
2
votes
1answer
17 views

Foreign company - Setting up a branch in the USA

I am looking to set up a branch of our company in the USA. We currently service north and south american customers from Dubai but we want to get closer to our customers. Our solu …
3
votes
2answers
31 views

Friend’s dad can claim his daughter?

Hello, I have a friend whose father is claiming her for this year's tax return, however, she is taking on-line classes (10 units) which should not constitute her as a "full-time s …
4
votes
2answers
19 views

Deduction for donation of clothes to charity

The taxpayer is living and employed in the UK, but is a US citizen so is still burdened with filing US tax returns despite not having lived in the US since 1996. They have no US b …
1
vote
0answers
12 views

Do I need to file form 3520 if I transfer money from my own foreign bank account to a US local bank account?

As we know, when some one receives a gift of money from someone else overseas over 100,000 USD a year, someone is required to file form 3520 to report this transaction. My questio …
1
vote
1answer
18 views

Gift Card Donations

How is a gift card donation for a non Profit company recorded in Quickbooks Pro 2009?
1
vote
0answers
9 views

Would a duplex qualify for low income rental housing tax credit?

TAX ADVICE... low income housing credit Low income... in this it is hard to determine if a duplex would qualify because by nature one might think of this type of housing as an apa …
4
votes
3answers
21 views

Can I take a loss on my 401k?

I had a 401k and converted to a regular IRA. I had it for 9 years and finally cashed it out 2009. It started with $5,000 and ended up with $2,400. I cashed it out at age of 64 s …

15 30 50 per page
1 2 3 4 5 … 28 next