I owe more on my house than it is worth. Can I get a tax deduction for that?

August 23rd, 2024

Where do I list the net sale of land and what form do I use to determine the net gain/loss from that sale, including original cost, taxes, depreciation, improvements, and broker costs?

June 11th, 2024

A taxpayer sells nonqualified stock options in 2012. On his 2012 W-2, the proceeds are reported in blocks 5 & 11 but are not included in block 1. I thought proceeds from nonqualified stock options were subject to ordinary income tax. Therefore, why aren't they included in wages per block 1?

December 26th, 2023

I received stock options from my company, and when I retired, I cashed them in. The amount received is included in my W-2 under box 1 (wages, other compensation) and I also received a Form 1099-B for the gain. When filing my taxes, reporting this amount under Income gains inflates my total income, causing me to pay over $13,000 in taxes. Do I need to report this sale if it is already included in my wages?

June 14th, 2023

1. Office furniture was placed into service on September 1st, 2002. Using the DDB method, I calculated the depreciation to be $2623.5 ($15,000 x .1429). Is this correct? 2. When a Partnership distributes $15,000 to each partner, does this go onto the income statement, and if so, under what title? 3. Are charitable contributions limited to 10% of total income, with the balance carried forward? 4. What are some examples of other deductions that can be listed on line 20 of Form 1065? 5. Delivery equipment purchased in 2000 for $18,000 was sold for $20,000 cash on January 2, 2004. Using straight-line depreciation, the accumulated depreciation is $4500 x 4 = $18,000, so the adjusted basis is $0, and the gain on the sale is $20,000. Is this correct?

November 30th, 2024