I am thinking of starting my social security retirement benefits at age 66, but I am not quitting work yet. How much will get taxed if I start now, and is it 50% of my retirement benefits?

March 2nd, 2024

I was unemployed last year and needed insurance through the marketplace. I estimated my income to be 15,000, but I only grossed 3,000. I received a tax credit of 264 that was paid directly to my marketplace insurance plan. How will this affect my tax return, and can I defer paying any amount I owe until next year?

July 9th, 2024

Can I deduct closing costs and realtor fees on the sale of my home, especially if I have a loss and cannot claim a loss on the sale of a home?

March 9th, 2024

My cell phone, which is used for more than 50% business (self-employed sole proprietor filing a Schedule C), is listed property and should be entered on Form 4562, correct? Where would I deduct the cost of the cell service?

June 27th, 2024

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