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When Itemizing If $$ Of Medical Expenses Entered On Schedule B Are Below Threshold For Deduction Is It Still Necessary To Hold On To All...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the medical bills are not sufficiently large in a given year you cannot take a deduction for medical expenses on Schedule A. Those bills cannot be used in subsequent years. In the event of audit, the bills would...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is really no formula that can be used to make that allocation, as each parcel of land is different. You can place an identical house on a 1/4 acre tract of land, or you could place it on a acre parcel. The...   Read More
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User Photo John Stancil
Tax Professional Level: Master Tax Advisor

In most cases, that would be true.The IRS classifies mixed-use properties as commercial unless the income from the residential portion is 80% or more of the gross rental income. So if 80% or more is residential,...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no easy answer to that question. The AMT for individuals and for corporations differ and have different thresholds. The AMT is essentially a parallel tax system. You calculate your regular income tax and...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The contributions must be shown on the K-1 as Guaranteed Payments. Line 4 of the K-1. They would also be shown on line 13, code R. As a guaranteed payment, the amount would be included in taxable income. However,...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Assuming that the replacement glass is of the same type of glass and not an upgrade, and the existing glass is in need of replacement, it can be treated as a repair and expensed.   Read More


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