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Taxpayer Questions

Taxpayer questions are inherently spread over many different fields of expertise. Being a well informed taxpayer can be the difference between owing money or being on the receiving end of it. But knowing the difference can cause questions to be raised and not know where to find the answers. Below are the most commonly asked questions about taxpayers that are answered by the Experts.

If a calendar year taxpayer purchased stock for $17,000 and the stock became worthless of the next year what would that person’s loss be seen as?

If a taxpayer whom is divorced pays for their child’s college tuition but does not claim that child on their tax return are they eligible for the education tax credit or tuition deduction?

In most cases there is no education tax credit or tuition deduction unless the student is claimed as a dependent on that person’s tax return. However when not claimed as a dependent, the student can claim the credit or deduction.

A taxpayer who died with no will, but their child is their personal representative. Received a royalty check made out to “Estate of (taxpayer)”. Should a tax return be filed this year in the taxpayer’s name?

In most cases, if the gross income of the estate is more than $600.00 for the year then a return for the estate should be filed by completing Internal Revenue Service form 1041.

If a taxpayer outlives all of their siblings, and leaves their money to first, second, and third generation nieces and nephews, plus one stepchild, are any of these beneficiaries subject to generation skipping tax or estate tax return form 706?

In most cases the generation skipping tax only applies when money is put into a trust for the purpose of skipping persons. In this case the immediate generation is gone so there is no generation to skip. However, it is possible the Internal Revenue Service may have a generation skip issue. A person would have to look at the specific gift sizes to determine if there is an estate tax due, but by the time a person splits an estate into more than eight gifts, nobody should be left with an amount that triggers estate taxes.

If a taxpayer who is an independent contractor paid a company $20,000 for use of a company truck with the understanding that they would buy the truck the following year for $5,000. What is the tax treatment, and cost basis for both years involved?

In most cases, for the first year since they didn’t have the car title, they may only deduct his expenses such as gas, oil, etc. Once they have received the title they may then deduct expenses plus depreciation, or use the standard mileage rate which currently is 55.5 cents per mile. The cost basis of the vehicle would be whatever the taxpayer paid for the vehicle which is $25,000 over a two year span.

For a taxpayer knowing the tax laws and knowing your rights can be the deciding factor between you and your money. The many aspects of tax laws can be confusing even for the most experienced individuals. Using these laws to your advantage is the best way to protect your rights as a taxpayer. Often times these laws can cause an individual to question their taxes, if you or someone you know needs help you can contact the Experts.
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