asked
Can I take depreciation for 27.5 years on the Airbnb apartment which is about 1/5 of the entire new house, in addition to the bonus depreciation for the furniture, appliances, etc.? What if the total real estate (Line 26 on Schedule E) results in a loss? What is the best alternative to Bonus Depreciation, Section 179? How do I spread the expense for furniture, appliances, etc. over more than one year? Can I use two different methods of depreciation for different items of furniture/appliances, i.e., bonus and general depreciation? What does Section I of Form 4562, Election under Section 179 mean? Do I have to fill it out for either Bonus or General Depreciation?
June 30th, 2024
If I choose the standard mileage rate to deduct car expenses, should I use the actual business mileage times the standard rate ($0.545/mile) and then put the result onto Line 6 of Schedule E? Should I also put anything in Form 4562 or other forms?
October 18th, 2023
I am filling out my taxes and wondering what I should do about a 'Hlth' code in box 14 (of the W-2) for the tax year 2018. I am using TurboTax and entered 'Unway' for a donation. Should I ignore the 'Hlth' code and continue?
April 24th, 2024
I cannot locate my 2017 taxes and need the AGI to do my 2018 taxes. How do I access that information without my tax return from last year?
April 6th, 2023
I received a Letter 12C from the IRS and had a premium tax credit of almost $400 each month. I estimated my income at around $21K but claimed $55,000. What should I do? Will I owe money if I send in the form? Additionally, my adjusted gross income for 2018 was $50,969, and I received a premium tax credit of $4,596 based on an income of $21,000. What will happen when they reconcile this discrepancy?
December 23rd, 2023
My daughter filed her taxes and forgot to indicate that she is a dependent on someone else's claim. She is 17 and this was her first time filing. How can I amend her return and my own to correctly claim her as a dependent?
November 20th, 2024