Taxpayer asks: I am retired and my wife and I support a son in college. We send him $2000/mo for room and board and I spend another $900/month paying off his Sallie Mae student loans. Is any of this deductible? If so, where do I declare it on my tax form. I generally use an…
Taxpayer asks: I can’t claim the making work pay tax credit. Do I need to file schedule M anyway? Taxgirl says: Nope. If you’re sure that you don’t qualify, then no need to complete the Schedule M. Just be really sure – you don’t want to leave money on the table!
Taxpayer asks: If I received $500 or say $5,000 in anonymous donations for brain surgery because I have no insurance, do I need to report that anywhere or as income? thank you for any help tax girl. Taxgirl says: So long as these are pure gifts – and you didn’t make any representations as to…
Another bit on NY1 – this time regarding audits: IRS Audits Need Not Be Feared – NY1.com
