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Saving Your Homebuyer Credit
Today TaxMama hears from Kerry Tomlinson at KATU News in Portland, Oregon. Kerry tell us. “We heard from some viewers this morning about their experiences with the homebuyer tax credit. One woman says...
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Business Loan 1099
Today TaxMama hears from Lucy in the TaxQuips Forum, who needs to know. “ I purchased a business in 2010 by giving the original business owner a down payment and then monthly payments thereafter. She...
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Lost Down Payment
Today TaxMama hears from Somsak in the TaxQuips Forum, who is hurting, badly. “In 2005 I signed a contract to purchase 2 units in a pre-construction CondoTel in Orlando, Florida. I submitted a 20% down...
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Selling Baseball Cards
Today TaxMama hears from Richard in the TaxQuips Forum who tells us. “My family is selling my father’s baseball card collection. We are expecting to receive approximately $20,000. If the buyer writes...
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No 1099-MISC if Paid by Credit Card
[TaxMama Note: Another bookkeeping nightmare. Are YOU keeping track of how you pay YOUR vendors and service providers?] No 1099-MISC if paid by credit card (01-19-2012) In the instructions to Form...
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Rental Under Water
Today TaxMama® hears from Chris in the TaxQuips Forum with a good question. “In the near future I plan to purchase a 2nd home in a different city, and move my primary residence to that property. I...
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Payroll Deposits
Today TaxMama® hears from Donna in the TaxQuips Forum with this running argument. “Our debate concerns a client whose payroll taxes for the current and previous quarters well exceeded $2,500. The...
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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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Safeguard Your Refund – Choose Direct Deposit
Courtesy of the IRS [TaxMama Note: When using Direct Deposit be sure to TRIPLE check your bank account numbers. If you make one tiny mistake, with just one digit, someone else will get your refund. And...
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Cannot Prove Residence
Today TaxMama® hears from Johnathan in the TaxQuips Forum, with a good question. Let me summarize. “Although I have lived in my home for more than two years, I don’t have proof of that. My voter...
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