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Recent tax questions

My friend is living in my house why I help my dad they are

My friend is living in my house why I help my dad they are paying rent but it doesn't cover the whole payment for the assessments for so sewer. When it comes to filing taxes do I have to claim the rent their are paying me ?

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
Would it be worth itemizing and increasing deductions on my

Would it be worth itemizing and increasing deductions on my paycheck for this year?I have been filing standard.This year...I bought a car 3 months ago... $14,800.. 2.4% loanClosing on a house before Aug. 1... sometime in July... $141,300... 3% loan....Should I just wait till next year to adjust my deductions on my paycheck?I made $39,800 last year

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
My elderly mother put me and my brother's name on her

My elderly mother put me and my brother's name on her property in Oregon. When she passes on, what rights do I have if I want to sell. The taxes are a lot and he is living there already not keeping them up. I payed them for years myself does that benefit me in any way?

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Anne

Master Tax Preparer

 
3,088 satisfied customers
I am about to buy a condo and I have a copy of a 1099-misc

I am about to buy a condo and I have a copy of a 1099-misc from the current owner. It is from 6/1/15 - 11/30/15. It says box1: $10,621.38. And state ( SC ) of same amount. How will this effect my taxes? I am recently divorced, so I guess I will be head of household now, and I will be paying cash for the condo (settlement from divorce). This will continue to be a rental for my retirement, I live in NC. My current salary is $27,000/yr . Please let me know if you need any other information.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
This relates to real estate taxes in Florida. My wife is

Hello;This relates to real estate taxes in Florida.My wife is American and retired. (Small SSI only income.) I am an immigrant, (from The Bahamas, and recently applied for a green card.) While I have taken the photo and biometric fingerprints, I do not yet have the green card status. My company closed down in The Bahamas, and right now I have no income.We have two houses, one in her name, and one in both our names. We are in the process of selling the latter, and was planning on moving into the other one, but we have had 4 break in's at the property recently (even 'though her son from a previous marriage was staying there,) and now my wife is reluctant to move there. What would be the tax ramifications if we sold both properties now? Or should we sell this one, live there for awhile before trying to sell that one? Or should we sell this one, buy another property with these funds, and keep the 2nd property for now?

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
If I pay real estate taxes in 2 states should I file a state

If I pay real estate taxes in 2 states should I file a state return in both states

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,564 satisfied customers
How best can I use my pension fund to purchase a home. I am

How best can I use my pension fund to purchase a home. I am 60 years old and fully employed.

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
The other party on 2 properties has passed away. Should I

The other party on 2 properties has passed away. Should I get appraisals for the stepped up tax basis on them and personal property passed throught a RLT.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I have a home we moved out of 2 years ago and we've been

Hi, I have a home we moved out of 2 years ago and we've been renting it for the last 18 months. I paid $250k for the house in 2009 but at best would probably get $220k for it. I overpaid...long story. Fair market rental value comparable houses in the neighborhood is probably in the $1100 to $1250 range. I am getting $750 but tenant pays all utilities, lawn maintenance, etc. HR Block did our taxes and told us the following:1) have to sell within 3 years of moving out to avoid paying capital gains (moot point for us I think)2) if we want to continue to rent the house and claim any losses we have to rent it at fair market value.I'm trying to figure out 1) what type of losses would we be able to claim? 2) if raise the rent to $1100 and I pay the utilities and such would that still be considered getting fair market value and can I deduct the utilities and such that I pay?Thank you!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
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