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What Are The IRS Requirements For A Depreciation Deduction To Be Allowed For My Business? What IRS Form Is Used To Report Depreciation On A...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

IRS Form 4562 found here -> http://www.irs.gov/pub/irs-pdf/f4562.pdf Instructions found here -> http://www.irs.gov/pub/irs-pdf/i4562.pdf Also check out IRS Publication 946 on how to depreciate property found...   Read More
What Is The Easiest Way To Find Out If The United States Has An Income Tax Treaty In Force With Another Country?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Go to IRS.gov and in the search box type "tax treaty" and the name of the country. This should bring up both the treaty and technical analysis. Read the technical analysis first.   Read More
What Is A 1031 Tax Deferred Exchange?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

A 1031 Tax-Deferred Exchange (TDF) is the exchange of one type of business or investment property for a like-kind of business or investment property. It cannot include property for sale to customers or property...   Read More
What Are The Benefits Of Doing A 1031 Tax Deferred Exchange Versus A Sale?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

In a sale of the property, any gain on the sale would be taxed. In an exchange, the tax is deferred until such time the acquired property is sold.   Read More
My EA Told Me That I May Be Eligible For An Earned Income Tax Credit. What Is An Earned Income Tax Credit?
User Photo Telemika Greene
Tax Professional Level: Tax Enthusiast

Earned income Tax credit is a refundable federal income tax credit for low to moderate income working individuals and families. Individuals may receive refunds more than what was withheld in federal with holding...   Read More
Our Lawyer Is Trying To Talk Us Into An Irrevocable Trust And We Understand That We Would Need To File A Tax Return With It. We Were Told...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

This is more of a legal determination and does require the services of a lawyer, one who will tell you the pros and cons between a revocable trust and an irrevocable (inter vivos) trust. However, the inter vivos...   Read More
In 2013, What Are The Tax Laws Regarding Long Term Capital Gains?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The capital gains tax rate is increased to 20% for 2013. The prior year was 15%. As far as the home is concerned, if you sell or plan to sell this year, and you file a joint return, the first $500,000 of profit...   Read More
If One Spouse Is A First Time Home Buyer And The Other Spouse Is A Second Time Home Buyer, Can We Take A First Time Home Buyer Credit?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

It depends on how long ago the 'other spouse' sold the first house but generally no.   Read More
I Live In Michigan But Travel For Work To Other States. Sometimes I Am In The Same Region For Over A Year. If I Were To Rent An Apartment...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

This is a loaded question for sure. Your primary residence is in Michigan. You are self employed and travel outside of Michigan regularly and consistently - sometimes to the same area - should you rent an...   Read More
It Is My Understanding That The IRS Is Giving Relief From Late Payment Tax Penalties To Individuals And Businesses That Request A Tax...
User Photo Trenna Morris
Tax Professional Level: Tax Enthusiast

Penalty Relief for Delayed 2012 Forms can be found at this web address: http://www.irs.gov/pub/irs-drop/n-13-24.pdf Here is the list of delayed 2012 forms: EXHIBIT 1 – Delayed 2012 forms (available in...   Read More


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