Real tax questions from real readers, answered. Got a question of your own? This is where Taxgirl answers them.
Taxpayer asks: Is the 1st 2020 quarterly still due on April 15? This means selling securities in a down market to cover that. What’s official? What’s your take? Taxgirl says: No, estimated payments are no longer due on April 15, 2020. As COVID-19 continues to impact the United States, the federal government is taking action to…
Taxpayer asks: Ma’am I’m new to the Tax issue so if this has been asked I apologize. I’m a union Ironworker, I’ll be filing single and have made $41,000 will my tools (welding hoods etc.) still be a deduction and will my union dues be a deduction as well? Thank you for your time. Taxgirl…
Taxpayer asks: Since 2002, I have owned (via a single-member LLC) an office complex in upstate new york. I purchased it as an investment to either sell or rent. Unfortunately, this property has been vacant and producing no income as a result of town opposition to the use of the property for office purposes. Similarly,…
Taxpayer asks: If the sole owner of a home passes – is there a capital gains write off or is it lost at death? If not lost at death, is there a time limit? Taxgirl says: When an owner – sole or otherwise – of a home passes away, there’s a step-up in basis. What…
Taxpayer asks: Hi! Thank you for your time. My husband and I are volunteering at a charity event for a few days, and we have to have a babysitter. She’s babysitting at no cost to us (she’s family), but can she deduct any of her babysitting expenses? Would it be charitable giving on her part?…
Taxpayer asks: Reading about you connected me to this site. I had a small question. That is can I double my deductions on my 2019 taxes being that last year I took the standard deduction. Such as House taxes, mortgage, charitable donations. Thank You Taxgirl says: I’m glad that you found the site! Under the…
Taxpayer asks: In September 2017 we refinanced our house to pay off crushing credit card debt we incurred during the recession and could not hope to get out from under. My question — Is the 2018 refinance law stating that we can only use home equity to pay for work on our dwelling/property retroactive or…
Taxpayer asks: I paid short term and long term capital gains on my Bitcoin when I moved it from Coinbase into my hardwallet. Do you see any reason I should have to pay more taxes again when I spend some of these same Bitcoins from my hardwallet? Thanks. Taxgirl says: This is a great question….
Taxpayer asks: Dear Taxgirl: So I was trying to figure out how screwed we (my wife and I ) are because of the new 2018 “tax cuts” and it looks like we lost about 16k worth of deductions. we paid approx. 22k in state, local and property tax (Paul Ryan would call this the SALT…
It’s Ask The Taxgirl. Today’s question is whether shared expenses between spouses can result in taxable income.
