Ask Tax Questions
Chuck Heyde, CPA, CGMATax Professional Level: Tax Wizard
If you exercised in 2011, it should be reported in 2011. I would confer with your employer to see if they can provide you a W-2C. Read More
0
0
Kathryn MorganTax Professional Level: Master Tax Advisor
Assuming you mean a residential rental, it is depreciate out over 27.5 years and the depreciable basis is the basis in the entire property menus the FMV of the land. It is based on what month you put it in service... Read More
Dan SelnerTax Professional Level: Tax Enthusiast
Cash basis is generally the better method, depending upon your entire tax situation, of course. Cash basis means you only declare the income when received. That way you are not paying tax on rents owed but not... Read More
Kathryn MorganTax Professional Level: Master Tax Advisor
Each individual on the tax return is only eligible for one type of education credit or deduction. However everyone on the return who is a qualifying student in post secondary education may qualify for a credit or... Read More
Kathryn MorganTax Professional Level: Master Tax Advisor
The American Opportunity Credit is available for each student for the first $4000 in qualifying expenses for a credit of up to $2500. Of the credit 60% is applied to tax liability and 40% is refundable even if you... Read More
John Dundon, II EATax Professional Level: Tax Wizard
The new credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required... Read More
William KeatsTax Professional Level: Master Tax Advisor
Notify your employer you want to set up a HSA. For 2013, annual contribution for self, under 55 is $3250, over 55 is $4250. For Family coverage, the appropriate numbers are $6450 and $7450. Minimum annual... Read More
Chuck Heyde, CPA, CGMATax Professional Level: Tax Wizard
Yes, look at Form 4361. http://www.irs.gov/pub/irs-prior/f4361--2011.pdf Remember, if you dont pay into SSA, you cant pull out. And also remember "Give back to Caesar what is Caesar's and to God what is God's."... Read More
