1031 Like Kind Exchange Example

Bill and Geri completed a like-kind exchange a little over a year ago when one rental property was exchanged for another rental property in Florida.  Bill and Geri intend to retire to Florida as soon as possible and would like

Tagged with: ,
Posted in 1031 Exchange, Like/Kind Exchange, Rental Real Estate

Tax Implication of a ‘Short Sale’

A new term that has entered the mortgage loan industry in recent years is a short sale. Simply put, a short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on

Tagged with:
Posted in Rental Real Estate

Self Employed Health Insurance Deduction

For tax year 2010, a self-employed taxpayer will be eligible to claim a self-employed health insurance deduction on Line 29 of Form 1040. Additionally taxpayers also receive a corresponding deduction when calculating self-employment taxes. When calculating self-employment tax, taxpayers can

Tagged with: ,
Posted in Health Insurance, Self Employ

Scum Bags Millionaires Collecting Unemployment

Its a rare occasion that I pontificate in my tax blog but this just took me over the top this morning....... Recently released IRS data indicates that 2,840 households making at least $1 million collected $18.6 million in unemployment insurance

Tagged with:
Posted in Unemployment

2010 Adoption Tax Credit – New IRS Guidance

IRS on Wednesday issued guidance on the expanded adoption credit included in the health care reform legislation passed earlier this year. The Affordable Care Act raises the maximum adoption credit to $13,170 per child (from $12,150 in 2009) and makes

Tagged with: ,
Posted in Refundable Tax Credit, Tax Credit

New Law Allows In-Plan Rollovers to Designated Roth Accounts

The Small Business Jobs Act of 2010 permits employers to amend their §401(k) or §403(b) plans to allow participants to transfer an eligible rollover distribution (ERD) into their designated Roth account in the plan if the transfer is of an ERD: 1. made after

Tagged with: ,
Posted in IRA, Retirement

IRS Provides Relief for Homeowners with Corrosive Drywall

The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages

Tagged with: , ,
Posted in Casualty Loss, Deductible Expense, Tax Problems & Requests, Tax Relief

Guidelines for “Political Activities” by Churches and Pastors

Lobbying activities may expose churches in some states to election law register and reporting requirements as a political committee. Many of these statutes are unconstitutional because they expose churches to intrusive regulations for a very small amount of lobbying.  The

Tagged with: , , ,
Posted in Charitable Contribution, Church Pastor Religion, Deductible Expense, Disallowed Expenses, Tax Guidance & Preparation, Tax Problems & Requests

IRS Form W-12, IRS Paid Preparer Tax Identification Number (PTIN)

All people making money preparing taxes must be registered with the IRS. If your paid tax return preparer is not registered with the IRS he/she is perpetrating fraud which will cause you future headaches. Don't mess around with this. The

Tagged with: , , ,
Posted in Enrolled Agent, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxpayer Identification Number

Education Expenses – Are They Tax Deductible?

According to IRS Publication 970, Tax Benefits for Education, questions exist to help determine if education expenses are tax deductible. These questions include: Is the expense associated with the education 'work related'? It must be to be deductible. Is the

Tagged with:
Posted in Child Tax, Deductible Expense, Dependent, Disallowed Expenses, Family, Student Loan, Tax Credit, Tax Deductible Expenses, Tax Relief
Subscribe via Email

Follow me on Twitter
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification

Xero Certified Adviser