Real tax questions from real readers, answered. Got a question of your own? This is where Taxgirl answers them.
Taxpayer asks: My father wants to sell me his house (approx. value of $300,000) for what he owes on it ($54,000). I know, a pretty sweet deal. Some friends advised him that the best way to do this is simply to “give” me the house, and I will send him a Christmas card with $54,000…
Taxpayer asks: I have a question.. when I filed my taxes in february of this yearI had 2 dependant one was 3 and the other one was 17 he turned 17 on december 23rd of 2007 when I filed in feb 2008 they did not give me the tax credit for him they said because…
Taxpayer asks: Taxgirl, First …thank you for your time and effort. I am retired with an income just under 250K. ( 245K to 247K ) My income is a combination of pension ( teacher’s and law enforcement ) , soc security, income property- apartment. This year I also worked part time and earned about 12K….
Taxpayer asks: Hi, So, if I bought, let’s say, some scarfs at a local New Jersey store and paid sales tax on them, then sold them at a house party, am I required to charge and collect sales tax? Thanks for you input. You’re the best! Taxgirl says: The rules for charging and collecting sales…
Taxpayer asks: I have an online website sponsored through a company where I sell items and make a percentage off each sale. I am in the process of trying to get a trademark for the mark I use on the items that I sell. Unfortunately, there is someone else trying to get a similar trademark…
Taxpayer asks: We claimed our son last year on our taxes. Born April 1989. We have a daughter who is 16. We recieved $1500 stimulus check. None for our son and he didn’t get one for himself either. Should he have? Thank you. Taxgirl says: Sorry, no. Eligible taxpayers received an additional $300 for each…
Taxpayer asks: I was told by “somebody” that the stimulus checks we received will be deducted from our tax refunds for 2008? Is that true? Taxgirl says: Nope. The tax rebates are not taxable and will not be credited against your 2008 return – unlike the 2001 rebates which were credited against the 2002 returns….
Taxpayer asks: Our company is closing its doors as of this month. When are we required to file 1099’s for the payments made in 2008? We will not be around in February of 2009. Taxgirl says: I’ve checked around and it doesn’t appear that there is any prohibition against sending them early. I say, send…
Taxpayer asks: Can I deduct my son’s school uniforms on our taxes? They are required. Thanks. Taxgirl says: Unfortunately, no. Trust me, I wish it were different (my older daughter’s school requires uniforms, too). The IRS does not allow deductions for school uniforms, even if required, for public or private schools. All is not lost,…
Taxpayer asks: Hi, I run an ice cream (IC) shop and give away lots of IC to local charities (churches, schools, scout’s, 4H, …). The business is an LLC and I have 2 partners (we all get K-1’s). Can I deduct the retail value of these donations? Obviously, the my cost of the food supplies…