Member Since September 2, 2008 , From Binghamton, United States
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Recent Activity by Tax Fairy

Answered: Capital loss on house sale offsetting earned ...

If it was your private residence, no. Loss on the sale of your primary home is not deductible. If it was a property held for investment, you can deduct up to $3,000 in capital loss per year or use ...

Answered: Amount of income necessary to be required to file ...

Don't know why this question popped into my inbox after all these months, but since no one has answered it.... Yes, you will need to file a final 1040 for her. You report the income that was received ...

Answered: Hardship and my IRA

The regular income tax rate plus a 10% penalty. Talk to your broker or IRA custodian about setting up the withdrawals under "72t". The section states that you must take equal withdrawals every year ...

Commented: About Tax Fairy's answer

Well cken1000, since those details weren't in the original question, you shouldn't have slammed me for the answer. Answer is: don't use it. The IRS would consider it an obvious ploy to jack up basis ...

Answered: Can I take a tax break for subidizing someone ...

Homeowner's association dues are not deductible for a private residence. They are deductible if the unit is rented out for income and would be deducted on Schedule E. You may want to check with the ...

Answered: Tax - Cash Basis Related Party - Depreciation ...

Depreciation has nothing to do with whether you're accrual or cash based. The related party and anti churning rules limit the deduction however. Depending on how closely you're related you may be ...

Answered: Tax deduction question

If the hospital is a 501(c)3 non-profit entity, contributions would be tax deductible. You will need a receipt from the hospital stating this. A cancelled check is no longer enough proof for the ...

Answered: Tax credit = refund when BELOW $0 taxable income?

Some credits are refundable, meaning even if your income tax is reduced to zero you can get a refund, but most are not. The energy credit is not - if your taxable income is zero, you won't get a ...

Answered: 2007 tax copy

You can order a transcript for free that will show what was entered on what lines. If you need an actual copy of the return, you can get one for a fee. You can order either one on the IRS website ...

Answered: Paying school tax

If you still own the property, the county can seize it and sell it. If they sell it for more than the taxes owed, they get to keep the money - you get nothing. If you sold the property, the new owners ...

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