I have remodeled an existing business and added a paved driveway, replacing a crushed gravel one. I need to reduce my adjusted gross income. Can this be a one-time expense, or do I have to add it to the cost of the remodel? Should I depreciate the expenses or deduct them all in the same year? Is labor for repairs/remodeling considered part of the project for depreciation or a separate business expense? Can depreciation be heavier in the early years or on a shortened depreciation schedule? How is the value of the property determined for tax purposes?

August 11th, 2024

If I am not claiming my child as a dependent this year, do I need to indicate on my tax return that he lives with me for less than 6 months, and will this affect my ex's tax filing?

January 17th, 2024

In 2008, I used TurboTax and claimed someone I shouldn't have. Now, 8 to 9 years later, Idaho has found out and says I owe $250. Can you tell me the statute of limitations for this?

March 29th, 2024

We sold a second property that we used as a summer home for over 65 years. What form do I use to report the sale, and can the repairs and renovation costs we spent over the last 50 years be deducted?

June 7th, 2024

In Illinois, can I claim my 24-year-old son as a dependent on my taxes if he lives at home with my wife and me, and he wants to claim himself?

April 28th, 2024