Our Mortgage Interest Statement arrived and we have a question about who should be filing for the deduction. My question is that my Fiancee is the primary name on the statement but I have been paying the mortgage the whole year.
Our Mortgage Interest Statement arrived and we have a question about who should be filing for the deduction. My question is that my Fiancee is the primary name on the statement but I have been paying the mortgage the whole year.
i opened up a IRA Rollover acct w/Ameritrade.
i got a $100 bonus as a result of rolling over 401k/IRA $ from another brokrage acct.
How is this $100 treated by the IRS? (as a deposit to my IRA acct? as interest/dividends? or..?)
Who's name is on the settlement documents (deed)?
Did the bonus go into your IRA or did you get a check?
Both of our names? But I think she's always the primary.
it's in my Ameritrade acct as 'Available funds for trading.'
The acct is a Rollover IRA acct so i assume all money in that acct is considered as a IRA.
Since it would be considered investment earnings (interest) in the IRA, it would not be taxable. When it's disributed, it will be taxable.
As said above, you cannot take any benefits on this on your returns since it was paid by your employer. It is similar to a reimbursement I believe.I'm currently attending graduate school. My tuition is paid for by my employer, directly to the school. I received a form 1098-T from the school showing the amount of tuition. May I claim the Hope Tax Credit even though I did not pay the tuition?
If i won the MegaMillions $350+M jackpot:
-if i live in VA where there's state taxes (5%
-if i bought the tix in PA where there's no state taxes on lotto winnings
How do i legally move to PA while still having a house in VA?
or do i have to sell/donate the house first to severe all connections to VA before turning in the tix?
Can we claim my home mortgage and my wife's mortgage interest on our joint return? We got married in 2010 and she's now living in my house and has been since getting married in '10.
2nd hopefully easy one. She had maybe 8000 in doctoral education expenses (tuition, books, supplies), what would prevent us from deducting them?
Partial payments based on use for the business. That will go for anything that is shared.I have a corporation (S-corp for tax purposes) set up that I wholly own for my investment real estate. Would it be reasonable to have the my corporation reimburse me and expense it for my cell phone use/equipment purchases (i.e. new phones) that is used for both personal and business use? And if so, would all of it be a deductible by my corporation or just a partial amount be the most prudent course of action?
Partial payments based on use for the business. That will go for anything that is shared.
Partial payments based on use for the business. That will go for anything that is shared.
Partial payments based on use for the business. That will go for anything that is shared.
Actually, if I'm understanding the question correctly, Congress pass a new law that doesn't force a company to break out personal use versus business use if the company paid for the phone. He could probably take the whole deduction for the phone.
For 2009, only business use is deducble. Pub 535 - Chapt 11 - Telephone.
The IRS does not have an updated Pub 535 out for 2010. recommend that you double check this before committing to either method.
I'm going to check into it. The reason why I am familiar with it is that I'm very close to the situation here at my company. We have had meetings with IRS officials and even a couple Senators to help push along the bill. I thought it was recently passed.
In the Small Business Jobs Act of 2010, cell phones were removed from the definition of listed property (Sec 280F) beginning tax years after December 21, 2009. However, I don't think the IRS ever clarified whether or not cell phones are now excluded as a fringe since there is no requirement to track personal usage. I would lean on the side of treating it as a fringe benefit. Incidentally, that's my firm's treatment of them as well -- no longer included in income.