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Hi, If A Married Couple (US Citizens) Living Abroad And Only One Is Earning $150,000 (the Other Spouse Is Not Working)...can They...
User Photo Gary Carter, PhD, MT, CPA
Tax 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
I Know That Expenses For Transportation For Medical Treatment Can Be Deducted, Subject To The General Medical Expense Deduction Limitations....
User Photo Michael Jacobson
Tax 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
If I Start An Online Company That Sells Subscriptions Online Should We Be Charging Sales Tax In CA? Outside California, Outside The United...
User Photo Michael Jacobson
Tax 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
For Head Of Household, Do I Have To Claim A Child Under 21 To Qualify?
User Photo Telemika Greene
Tax 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
Can Anyone Tell Me What The Average Tax Increase Will Be In 2013 For Each Salary Range?
User Photo Debbie Tolbert
Tax 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
What Is A Deconstruction Tax Deduction? I Am Told By My Realtor That I Could Receive One.
User Photo Telemika Greene
Tax 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
I Just Became A Realtor And Need To Know If Real Estate I Purchase As Investment Properties (land, Homes And Commercial) Is Treated As...
User Photo William Keats
Tax 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
My Children Want To Take Over The Family Business. What Is The Best Way To Structure A Transfer Of A Family Business To The Children?
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

Depending on your facts and circumstances you may want to explore a private annuity   Read More
We Filed A Lawsuit That Was Ultimately Settled By An Insurance Company Because We Proved They Lied And No One Wanted The Cost Of Court. Can...
User Photo William Keats
Tax 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
If I Purchase A Boat To Live On Can I Deduct The Mortgage Interest On A Loan?
User Photo William Keats
Tax 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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