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Recent Income Tax Deduction questions

On a sale of California real estate, $11K in franchise tax

On a sale of California real estate, $11K in franchise tax was deducted from the proceeds. Can this $11K in taxes be deducted as a selling cost on the 4797 - or should it be included as an income tax deduction on Schedule A?

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Robin D.

Vocational, Technical or Trade School

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20,604 satisfied customers
Good afternoon. I have a non qualified pension plan from

Good afternoon. I have a non qualified pension plan from derived from income earned while working in Pennsylvania. At the time of my employment, Pennsylvania withheld state taxes from the contributions going into this plan. Accordingly, my distributions from this plan are not taxable in Pennsylvania. If I change my primary residence to S. Carolina, will these distributions become taxable?

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Robin D.

Vocational, Technical or Trade School

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20,604 satisfied customers
Accountant or Tax Professional:If payer gives money over

Accountant or Tax Professional:If payer gives money over $14,000, to a third party does it have to be declared a gift from giver and hit lifetime gift exclusion? Or can it be considered income to receiver instead? This is not for business services.Any different if to an ex absent a decree?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
I was relocated by my company and was paid a lump sum

Hello, I was relocated by my company and was paid a lump sum for expenses and was reimbursed for temporary living, utilities and trips between locations. On a relocation expense summary report, I have those amounts and a tax assistance amount all included as part of my W2 box 1 income. Nothing was listed in my w2 box 12P. My questions are: 1) Is there anything I can deduct like my reimbursement or moving expenses I paid for using the lump sum? 2) This additional relocation assistance places me in another tax bracket. Does that matter? Thank you!

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Arthur Rubin

Doctoral Degree

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1,740 satisfied customers
My father in law signed over his home to my husband and his

My father in law signed over his home to my husband and his brother after his heart attack. Later his brother signed his 1/2 over to my husband. We sold the house last year. What do we use for the basis? It was a three family home and one floor was rented.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
Rental income, can I take the mortgage paid as an

For a rental income, can I take the mortgage paid as an expense? or should I take only the interest and property tax?

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
I would greatly appreciate any advice you may have: (1st)

Hello, I would greatly appreciate any advice you may have:For initial (1st) year of setting up and funding a CRUT (section 644) with appreciated publicly-traded securities (without UBI), what are the tax filing requirements (by the Trustee) other than the following:Form 5227Sch D (1041) with supporting formSch K-1 (1041) - copy also send to BeneficiaryCopy of the Trust, accompanied by a "Written Declaration" signed by the Trustee------------Seems like there is no need to file 1041, is my assumption correct??Is it necessary to attach a copy of the "Detailed Calculation of Present Value of Remainder Interest"?? Should this be included in the Personal Income Tax Return (1040) of the Beneficiary instead (for determining charitable income tax deduction).Thanks!!

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
What can i deduct estate ( cost of traing program - how to

what can i deduct for real estate ( cost of traing program - how to flip houses, mentoring )

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100 satisfied customers
When I was doing a S Corporation tax return, I am confused

When I was doing a S Corporation tax return, I am confused about the form 4562. If the S Corporation owner bought a SUV in 2015 under his own title not the business title. The SUV is 100% used for business. Can I put the SUV information in form 4562 of form 1065 and calculate the depreciation? I know the qualified vehicle depreciation limitation is $11,160. Can I put the $11,160 depreciation under the S Corporation tax return? If I cannot, how can I depreciate the SUV since it's 100% used for the corporation.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
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