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Gary Carter, PhD, MT, CPATax Professional Level: Tax Enthusiast
The foreign earned income exclusion of $92,900 for 2011 ($95,100 for 2012) is for one earner, so in your case only $92,900 can be excluded. For any earned income in excess of the exclusion, you can claim the... Read More
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Michael JacobsonTax Professional Level: Tax Enthusiast
Two different questions: 1. Transportation for medical purposes usually does not represent transportation to go to and the from the pharmacy to pick up prescriptions; 2. The decision to continue to receive... Read More
Michael JacobsonTax Professional Level: Tax Enthusiast
Unfortunately, the Supreme Court ruled that states can collect for sales taxes for items that are sold to people who reside in a state, even though the vendor is not located in the state (internet, phone, and mail... Read More
Telemika GreeneTax Professional Level: Tax Enthusiast
No your child does not have to be under 21 to qualify you as Head of Household, if you are unmarried at the end of the year and pay for more than 50% of the household cost for the child or relative that lives with... Read More
Debbie TolbertTax Professional Level: Tax Enthusiast
There are several changes that will make a difference in the tax increase. The first is the payroll tax increase from 4.2% to 6.2%. The next is the difference in the brackets. These are just a few examples.... Read More
Telemika GreeneTax Professional Level: Tax Enthusiast
Deconstruction refers to dismantling pieces of a home or building in order to salvage valuable building materials. Since deconstructed materials are recycled and reused, You can often put the materials salvaged... Read More
William KeatsTax Professional Level: Master Tax Advisor
You purchased these properties as investment properties, I am assuming these are for your own account, in which case the sales would be subject to capital gain on Schedule D. If, however, the properties were... Read More
Bill Robinson, CPATax Professional Level: Tax Enthusiast
Depending on your facts and circumstances you may want to explore a private annuity Read More
William KeatsTax Professional Level: Master Tax Advisor
All interest on awards is taxable. All punitive damages are taxable except in wrongful death actions. Examples of taxable legal settlements: Damages for most business and contract claims, damages for nonphysical... Read More
William KeatsTax Professional Level: Master Tax Advisor
Qualified residence (including boats) interest that may be deducted is limited to interest on the aggregate amount of acquisition indebtedness not in excess of one million dollars . The aggregate amount of home... Read More
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