asked
I rented my home last year starting July 1st. I bought another home because I got another job. On Schedule E, I am showing a loss since I only collected 6 months rent and my taxes and mortgage interest were greater than rent. I put down the full tax and interest amount for the year on Schedule E even though I only rented it 6 months. Did I do this right or do I divide the interest and taxes and put 1/2 on Schedule E and the other half on Itemized deductions?
August 31st, 2023
We are selling our primary residence for $900,000 and purchasing another for $750,000. Does this mean we would have to pay capital gains on $150,000 because our new home won't be of the same or greater value? (We have lived in this home for 7 years.)
November 21st, 2023
I have 3 cleaning ladies that come once a week. I leave $65 for them, and they use their own cleaning supplies except for my vacuum cleaner. I want to take the position that they are not employees. Is this reasonable and do I need to issue a 1099?
November 25th, 2024
H&R Block advertises that there are new tax laws that increase a personal tax refund. Is there a notification of these changes and where can it be found?
August 8th, 2023
I withdrew $50,000 from my deferred comp account in early 2010 after retiring in November 2009. I paid a 20% tax on that amount. Even though I already paid taxes on that amount, is it counted as part of my total earnings for the year and taxed again?
August 30th, 2024
My parents just sold some stock and sent me a check for $48,000. Will I have to pay federal tax on this gift? Will I have to pay state tax on this (in New Mexico)? How much for each?
August 21st, 2023