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Big Loan from IRA
Today TaxMama hears from Kandi in the TaxQuips Forum with a personal opportunity. (Let me paraphrase the question.) “A friend wants to loan me money from his IRA, but is afraid of having to pay all the...
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Loan Modification Tax Effect
Today TaxMama hears from Janet in the TaxQuips Forum with a quick question. “We have applied for a loan modification on our home. Will that have any affect when we file taxes next year? I’d ask the...
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Sign on Bonus
Today TaxMama hears from Valoree in the Tax Quips Forum with this question. “My client received a sign-on bonus of $30,000. He worked awhile for the company, but left before the contract was up. He got...
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Homes and Attributes
Today TaxMama hears from Cathy in the TaxQuips Forum with this question. “Are taxpayers required to file Form 982 when their Principal Residence is foreclosed on? If so, would they check off Part 1, 1e...
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Pay Off or Refi?
Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home. It is a 30-year loan at 5 3/8% fixed. My home is worth substantially...
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Timing of Purchase
Today TaxMama® hears from Insha in the TaxQuips Forum with this question. “I run a daycare center in my home. I file a Schedule C on the cash basis. In February 2011, I bought an asset for my business...
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Bought a House
Today TaxMama® hears from Atomicar in the TaxQuips Forum with this question. “We bought a house in December 2011 and moved in first day of 2012. What expenses can we deduct? (I know we can’t deduct...
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Homebuyer Credit Repayment
Today TaxMama® hears from Kelly in the TaxQuips Forum who cares about her friend. “A friend’s home will soon be going into foreclosure. He’s owned the home for 2.5 years and we’re trying to figure out...
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Reverse Mortgages
Today TaxMama® hears from Dave in the TaxQuips Forum, with this question. “How do we deduct interest on a reverse mortgage?” Dear David. You don’t. In a reverse mortgage, the homeowner isn’t...
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Amend it Now
Today TaxMama® hears from Jennie in the TaxQuips Forum, with a good question. “I took out a mortgage from a private party 4 years ago. They have never sent me a mortgage interest statement. Therefore,...
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