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The IRS only getsa single line entry unless you itemize the donations;
You can generate as much or little paperwork for them as you wish.
I usually lump sum either all churches and/or by church.
Same with other non-profit situations that have multiple donations.
School food drives, charity carwashes, etc.
How the Tax S/W handles it with respect to transmission; I do not care.
I worked in IL the whole year. I moved to WI in August 01, and my work let me work from home 3 days a week, and drive in 2 days a week. Because I worked at home the majority of the time, could I claim that I was traveling for work the other 2 days a week? Most of these days I would come in for meetings, etc.
The other main issue is that I dont know if my work would come out and say I was working from home, and commuting in on occasion because other people would want to do the same.
I am now travelling to IL and staying at a friends house 2-3 nights a week, and working at work during those times... Because I live out of state, travel in, and stay at someplace other than my home, is there anyway to deduct that?
Thanks in advance,
Bryan
The other main issue is that I dont know if my work would come out and say I was working from home, and commuting in on occasion because other people would want to do the same.
I am now travelling to IL and staying at a friends house 2-3 nights a week, and working at work during those times... Because I live out of state, travel in, and stay at someplace other than my home, is there anyway to deduct that?
Thanks in advance,
Bryan
I know I can itemize the interest form my home loan, but can I also itemize the interest from a second loan for 5 acres of land we bought to build our next house on? Same goes with property tax for the land.
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s
Property tax - yes
Interest on the second land - No unless the the second loan funds are secured by the primary home (equity loan/second mortage).
What about this from the irs site?
"Unless you have begun construction of a home on the bare land that you can occupy within 24 months, the land would be considered an investment and the interest you paid on the second mortgage would not qualify as deductible mortgage interest. However, it would constitute investment interest if you itemize your deductions. For more information, refer to Publication 550, Investment Income and Expenses, chapter 3 and Publication 936, Home Mortgage Interest Deduction."
- Oct 30, 2000
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Use the IRS info. I am guilty of making some assumptions that you were going to build on it soon.
Looking at it from an investment standpoint is different.
Concerning an online class, i just received form 1098-T from the university telling me how much i paid for tuition. However, i didn't directly pay for this. What happened was that the credit card i used did have my name on it, but the balance for the credit card was paid by someone else (its one of those family credit cards where the account numbers are all the same, but everyone has their own name on it). So, who gets to deduct this? Is it the person who paid off the credit card or me? I mean, i am the one who took the class and have my name on the 1098-T form and the class. Part of the tuition was reimbursed to me by my employer, and that was in my name too.
TIA.
TIA.
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The Government looks at the SS# for the 1098 form.
You either have to use it or be declared as a dependant for someone that uses the credit.
The employer reembursement should be removed from the amount you request a credit against.
Another small business question. As stated in a previous post, the wife has started a small business as a sole proprietorship. I know the home office deduction is a very onerous and tedious one with the IRS having VERY specific requirements to meet that and I don't think we'll be doing it this year because we didn't set aside a space in the house specifcally and exclusively for business. However, what about equipment itself that was used during the course of business but also had personal fuctions such as a fax machine, cell phones under the same circumstances, desktop computer, primary vehicle that was used for personal and business use, etc? Are the requirements just as stringent and difficult to meet? I'm guessing, but since I'm not a CPA I don't know 
, is that we must keep detailed logs of use for these things for time used/milage driven for business vs. personal.
TIA. Been a great help.
, is that we must keep detailed logs of use for these things for time used/milage driven for business vs. personal.TIA. Been a great help.
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Deduct based on proportional usage. Vehicles can be based on mileage logs.Originally posted by: UTmtnbiker
Another small business question. As stated in a previous post, the wife has started a small business as a sole proprietorship. I know the home office deduction is a very onerous and tedious one with the IRS having VERY specific requirements to meet that and I don't think we'll be doing it this year because we didn't set aside a space in the house specifcally and exclusively for business. However, what about equipment itself that was used during the course of business but also had personal fuctions such as a fax machine, cell phones under the same circumstances, desktop computer, primary vehicle that was used for personal and business use, etc? Are the requirements just as stringent and difficult to meet? I'm guessing, but since I'm not a CPA I don't know
TIA. Been a great help.
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We attempt to answer specific questions that deal with guidelines or leads on where to look for the answers
You should never expect the have a refund of all that was withheld.
Ok I found the question about filing jointly. I have a different question. My wife and I got married last year. She hasn't had the chance to, umm, change her name? I think it involves getting a new SS card issued etc. Can we file jointly or does she have to change her last name first? Also, she is still listed at her work under her madien name so her W2 has her maiden name, does this affect joint filing as well?
Question:
I know there is a Gift Tax exclusion for up to $11,000 in 2005, but do you require any documentation that you recieved a gift? Do you need to include anything additional on your tax return?
Thanks in advance
I know there is a Gift Tax exclusion for up to $11,000 in 2005, but do you require any documentation that you recieved a gift? Do you need to include anything additional on your tax return?
Thanks in advance
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As long as her name that is filed matches the SS# and DOB; everything is proper. The IRS compares that information against the Social Security Administration records.
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I repaired a few computers this year and built a few computers and wrote some code.
I was paid a few hundred dollars in cash, but I purchsed a few thousand dollars of personal computer equipment. Am i allowed to claim the computer equipment I used (IE a laptop I used to program), or only up to the amount that I earned? Since this was cash earnings how do I prove income/use?
I was paid a few hundred dollars in cash, but I purchsed a few thousand dollars of personal computer equipment. Am i allowed to claim the computer equipment I used (IE a laptop I used to program), or only up to the amount that I earned? Since this was cash earnings how do I prove income/use?
Question: My brother and I have a joint account with Emmigrant direct. We received a 1099, but it only had his name and social on it. Was this a goof up at Emmigrant? If we split the interest 50/50 on our taxes, won't the IRS go after him for not delcaring the correct amount that was reported to them?
Dulanic
Diamond Member
- Oct 27, 2000
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Question: I had a Health Care Spending Account, it was only for $500 this year, does this get entered on my taxes and should I receive a 1099-SA from my spending account to enter on my taxes? Unfortunetely my Health Care Spending Account is out sourced and they have no clue at all, they just kept saying No No, no such form, I can send you a claim form that what you need?
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You would use Schedule C to show the income and expenses.
The expenses can exceed the income.
Tax S/W will walk you through that area nicely.
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The interest is reported on an account by account basis;
If you choose to split the interest; then each should attach a statement indicating as such referencing the others SS#.
Attaching a statment will prevent both from electronically filing.
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The HCA is before taxes and will show up appropriately on the W2.
You should not need to worry about additional paperwork regarding it.
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