asked
I want to rent my home out and then sell it. It is presently my principal residence. I have lived in this house for 4 years. How long can I rent this property out before I would have to pay capital gains on the sale of the house because it would not be my primary residence when the property is sold?
May 29th, 2023
If you claim a disabled person, how much could you get back in taxes?
March 17th, 2023
I need a copy of my 2003 tax return. How can I obtain it?
June 19th, 2023
I have purchased tools needed for my business on certain store credit cards. Would I deduct the expense from the year I made the purchase or the year I make the payment?
December 12th, 2024
My husband and two co-workers have completed a consulting contract and need to invoice the company. The co-workers want my husband to submit the invoice and distribute the payment. My concern is that we'll receive a 1099 showing my husband received the full payment, while his co-workers won't receive a 1099 since they technically received no funds. Is this correct?
May 19th, 2023
In middle TN, the state sales tax is 7.00% plus 2.25% in Williamson county, for a total of 9.25%. When purchasing a car or a boat, the applicable sales tax rate is only the state tax portion of 7.00%. When completing taxes on Turbo Tax, it allows me to deduct the sales tax paid on a car (7.00%) but not the sales tax paid on a boat (7.00%). Turbo Tax states that the sales tax on a car is deductible up to 9.25%, but for a boat, the sales tax must be exactly 9.25% to be deductible. Since I paid 7.00% sales tax on the boat, none of the sales tax paid on the boat is deductible. This seems arbitrary and illogical. Can you confirm that the sales tax I paid on the boat is not deductible?
July 10th, 2024