asked
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
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