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This tax year 2010 my husband and I have 20,000 income more

Customer Question
than year 2009 - that's...
This tax year 2010 my husband and I have 20,000 income more than year 2009 - that's bonus from my employment. The botXXXXX XXXXXne on the 1st page of form 1040 is about 159,000. We have two rental property and we was able to deduct loss about 5,000 for year 2009 - however we can deduct 'zero' for year 2010.

Is there anyway we can deduct more for year 2011? Also iis there anything we can do for year 2010?
Submitted: 6 years ago.Category: Tax
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3/1/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,016
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Good afternoon. You will want to maximize your deductions and group them into 2011. For example, do your best to prepay enough 2012 tax deductible expenditures in 2011 to get below the $150,000 threshold. You can do this with property taxes, business expenditures, buy a car used in business and deduct it under Section 179, accelerate charitable deductions, etc. You might also see if you could delay your end of year income into the following year.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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Customer reply replied 6 years ago
How about tax return for year 2010? Is there anything I can do now? I am ready to send out the tax return.
Tax Professional: Richard, Tax Attorney replied 6 years ago
It's a bit late for 2010 because you are a cash basis taxpayer. The only post 2010 payments that are allowed to be creditred to 2010 would be contributions to various retirement plans.
Richard
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