My daughter and her ex boyfriend bought a house together in
My daughter and her ex boyfriend bought a house together in 2008. They got a tax rebate of $9000 that the have both been repaying. They have since broken up. He now owns the house. Is she obligated to keep align the rebate or is it his problem now?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No.
I owe the federal tax agency about $5K in back taxes for
I owe the federal tax agency about $5K in back taxes for last year......if I buy a electric Car with a Federal tax rebate of $7,500 this year can I apply that rebate to me to what I owe front this year's rebate? Norman ***
Vocational, Technical or Trade School
Does a contract have to disclose all prices for a home
Does a contract have to disclose all prices for a home remodel or addition?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: ArizonaJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: I am having a solar system added to my home and the company is not willing to disclose the prices I am paying for the different parts/componets of the system.JA: When we are ready I'll take you to the appropriate web page.Customer: Thank you.
I would like to have a solar energy system for my home and
I would like to have a solar energy system for my home and have a proposal for a system that costs $50,000. The tax rebate would be about $15,000. Our daughter, who lives with us, wants to buy it for us. She would buy it if she can claim the rebate as a credit on her tax return. When I read the instructions for IRS form 5695 it would indicate that since she lives with us she could buy the system and claim the tax rebate. The home we live in is on a farm in Virginia and the house is in my name (her father) and her mother's name. She meets the test of living with us, but since the home is not in her name, does that disqualify her from claiming the rebate as a tax credit?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: This is in the state of virginiaJA: Has anything been filed or reported?Customer: no. We just want to make sure that we will get the tax credit before we buy the systemJA: Anything else you want the lawyer to know before I connect you?Customer: no
Tax advisor and Enrolled Agent
I have a few questions. I own a unit in a co-op. 1) Can I
Hello. I have a few questions.I own a unit in a co-op.1) Can I deduct the the buildings ( recipient/lender )mortgage interest ( form 1098 ) on my tax return ( itemized deduction - schedule A) as payee/borrower?2) Do I need to include the annual NY real estate tax abatement I receive that is credited towards my monthly maintenance as income on my tax return?3) Do I need to include the annual cooperative real estate tax abatement ( STAR ) rebate that I receive as a credit towards my monthly maintenance as income on my tax return?4) I receive an annual notice from the Corp. with the $ amount per share allowable to shareholders for claiming a deduction for the Corp's real estate tax expense ( i.e. $5.00 per share x 500 shares =$ 2,500. ) Do I deduct the $2,500 on schedule A under real estate taxes?
What would occur if, although I pay my school and property
What would occur if , although I pay my school and property tax, I elect to pay the amount of the tax as of 2016, not any increase past that date. In effect, as a senior citizen, I am grandfathering my tax at a level I can afford.
An investment property that I had a mortgage on was
An investment property that I had a mortgage on was foreclosed in 2015. It was a house I'd purchased for my mother, who passed away. Not my primary residence. The 1099-A shows the Balance of Principal outstanding as $246,788, and the Fair Market Value of the Property as $407,802. Leaving a loss of $161,014. For my 2015 taxes, how do i show the loss? On Form 8949 (Sales and other Dispositions of Capital Assets) & Schedule D (Capital Gains & Losses)? ... OR ... On Schedule E, as a Loss on Rental Real Estate (although I didn't charge my mother rent) ...OR... somewhere else? It appears that using Schedule D will only allow me to report $1,500 of the huge loss (married filing separately).
JD, MBA, CFP, CRPS
I have been receiving SSDI benefits since late 2005. I was
I have been receiving SSDI benefits since late 2005. I was 51 years old when a determination of full disability was made, two years after I first applied for benefits. I turned 59 1/2 years old in March 2014, but have had to draw on my retirement annuity since 2006 to supplement my SSDI.I a penalty for early withdrawal was deducted by the firm managing the retirement fund. That penalty was initially 10% of each withdrawal. I also paid federal and state income taxes on the withdrawals. I often received back most of those taxes paid because of my low adjusted income and associated tax rate.As my age approached 59 1/2 the penalty paid to the fund management firm was reduced by 1% with each passing year. Again, I withheld amounts for Federal and State taxes on each withdrawal, though after the initial years I withheld a smaller % since most of it was coming back to me as a refund. I used tax software (typically TurboTax or TaxCut) to determine my taxes, always indicating that I was disabled and receiving SSDI as my primary income.In 2011 I moved from Minnesota to Wisconsin but the tax implications were minimal other than a loss of certain tax credits that had been available in Minnesota. (Homestead Property tax rebate/refund due to significantly lower income limits in Wisconsin.)In 2012 I purchased a home and withdrew a larger than typical amount from my retirement account to apply toward the down payment on the purchase. I also applied some funds from my IRA toward necessary repairs and energy-saving improvements. Again, I used TurboTax to prepare my tax return, and after applying various credits for energy saving improvements, and deductions for mortgage, property taxes and real-estate transaction fees from the purchase of the house. I paid several hundred dollars in federal and state taxes due.Now in 2016 I have received a letter from the State of Wisconsin Dept of Revenue saying that I owe a 10% federal tax penalty (and an additional 1/3 of the Federal amount for state tax penalties) on the early withdrawals from my IRA in 2012. This surprised me because I hadn't had to pay any additional penalties in previous years (to my knowledge) and I had paid the 2% penalty deducted at time of withdrawal by the fund management firm. I assumed that this was due to my disabled status.I am receiving conflicting information as to whether my disability status eliminates the tax penalty on early withdrawals. The fund management firm tells me that I may have to do so, though they aren't privy to the specifics of my tax return. If so, I don't understand why this liability only arose in my 2012 tax year. I also made a larger lump some withdrawal in 2008 to purchase a used vehicle, and no additional tax penalty was assessed (though I did pay a 6% early withdrawal penalty was deducted from the withdrawal by the fund management firm.)I was/am still confused about this early withdrawal penalty deducted by the fund management firm. I assumed this was related to any federal/state tax obligations, particularly since the tax preparation software didn't indicate any taxes due as an additional tax penalty.Recap: Key Questions1) Does my (full) disability status eliminate my liability for the additional tax penalty on early withdrawals?2) Am I likely to be liable for similar taxes in prior and subsequent tax years until I turned 59 1/2?The amount that I owe for the early withdrawal tax penalty, the late payment penalty and the associated interest is roughly 3x the amount of my total tax liability in any other year since my disability eligibility was determined. How many other "shoes" are likely to drop?
Bachelor's Degree Equivalent