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Recent Income Tax Deduction questions

I paid in 2015. In 2016 I am not in but see a credit for

I paid AMT in 2015. In 2016 I am not in AMT but see a credit for prior years minimum tax. Can you explain why I am getting a credit?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
I started a personal training / coaching business in 2016 -

I started a personal training / coaching business in 2016 - I purchased quite a bit of equipment, and obtained professional certification, etc... I have a couple clients and working toward it being a full time business. ( I also work a full time job which I get a w2 for ) - I am planning on filing a Schedule C for the income I made, but unsure how to claim the investments in equipment. depreciate or expense?JA: Which tax year is this for?Customer: 2016JA: Anything else you want the Accountant to know before I connect you?Customer: no that's it - pretty straightforward

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Lev

Retired

Bachelor's Degree Equivalent

24,868 satisfied customers
ONLY ONLY ONLY…THANK YOU California Personal Tax Return for

Emc011075 ONLY ONLY ONLY…THANK YOUCalifornia Personal Tax Return for year 2015…a check was written to the Franchise Tax Board for $2,500 in April 2015. The Franchise tax Board wrote back a check of $1,000 because of an error…I paid too much.I Received a refund check from the Franchise Board in 2016 for $1,000 and also Form 1099-G.While doing the Personal 1040 Federal tax return for 2016 1040 I reported the $1,000 as income line 10-Taxable Refunds. I itemized on Schedule A for 2015 and will itemize again in 2016. The tax software automatically transferred the $2,500 paid to the Franchise Tax Board in 2015 to Schedule A Line 5 Income Taxes for 2016 as a deduction.QUESTIONI'm reporting the $1,000 on 1040 line 10 as Tax Refund Income in 2016. Do I need to manually reduce (Override) by $1,000 on Schedule A line 5 Income Tax Deduction of $2,500 down to $1,000 since I received a refund in that amount and therefore the deduction should be eliminated?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,360 satisfied customers
I had dental work done in bulgaria during the 2016 year. any

i had dental work done in bulgaria during the 2016 year. any part of the dental work cost..and travel deductable? i am itemizingJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: traveled to bulgaria,, had dental surgery pulling teeth and crown work.JA: Is there anything else the Accountant should be aware of?Customer: cost of travel w overnight sstays was 3500...dental work about 3200

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Megan C

Master's Degree

30,026 satisfied customers
We want to sell our home to our son. We lived in the home as

We want to sell our home to our son. We lived in the home as a primary residence from Jul 2000 to Nov 2015, however our son and his family moved in with us in Jul 2013 and paid some discounted below market rent from July 2014 through 2016. I plan to sell at $250,00 which is below market value (currently $320,000). I only owe $120,000 on my mortgage. His loan officer suggested we use gift of equity which will be part of his down payment. I have not gifted any other estate so I understand I will need to file the gift form but will not pay taxes since I will never reach the lifetime limit. Anyway I will need to deduct some depreciation from the basis. How is the best way to calculate the depreciation deduction on a single family home? I don't want to carry a loan or sell at my payoff rate because we need a pile of money for another home.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,110 satisfied customers
I'm a permanent resident of USA and I moved up to Austin

I'm a permanent resident of USA and I moved up to Austin Texas on June 2016. I receive everey month my allowances from a company that I own in Venezuela. My question is: in order to be in a better position, to be entitled to legal deductions of my expenses for the income tax is it advisable to have a company in USA to receive the funds from overseas?JA: Has anything been filed or reported?Customer: No yetJA: Anything else you want the lawyer to know before I connect you?Customer: I'm a permanent resident of USA and I moved up to Austin Texas on June 2016. I receive everey month my allowances from a company that I own in Venezuela.If I was to make an income tax declaration right now, I think I don't have enough legal deductions and my tax will be high. I have been advised to have a company in USA to receive the monthly allowances and declare as expenses the rent of the apartment and similar expenditures that can be considered, total/partial deduction under current tax law.Is this a valid option?. What other options do I have to get maximum income tax deductions?JA: Because laws vary from place to place, can you tell me what state the property is in?Customer: I dont have a property, I'm renting

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
My employer gave me the following Stock Option agreement and

HI,My employer gave me the following Stock Option agreement and I am trying to figure our what amount will be included as part as my taxable amount, what is the option price, what it the exercise price and the stock price?Could you please clarify ?4.3 Options - the Executive shall be entitled to receive up to 113,268 options of the Parent allowing for the purchase of up to [113,268 Ordinary Shares] of the Parent at a price per share of $0.63 (the “Options”) as follows: 47,195 of the Options shall be fully exercisable and vested at the later to occur of the execution of this Agreement; or the lapse of 30 days from the submission of an option plan duly adopted by the Parent to relevant Authorities (“Option Plan”). The remaining 66,073 Options shall vest and become exercisable subject to the Executive remaining continuously employed by the Employer throughout occurrence of respective milestone, upon achievement of the following minimum annual Sales milestone during any of the initial 12, 24 and 36 months from the Start Date, as follows

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
If a $100,000 is contributed into a charitable trust, is

If a $100,000 is contributed into a charitable trust, is that $100,000 a current itemized deduction in full in 2016?

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ABC Accounting Group

Bachelor's Degree

1,014 satisfied customers
Is there really a way to get rebates from the government on

Hi! Is there really a way to get rebates from the government on items purchased. I keep seeing these stories on Yahoos home page. Are they for real, if so, how do I file for these rebates??!!??

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Dr. Fiona Chen

President

Ph.D.

934 satisfied customers
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