Free Tax Tips

Comment posted Claiming Standard Deduction with Medical Expenses and Student Loan Interests by Lisa F.

Yes, you can, as long as you otherwise meet the requirements of those deductions. Moving, for example, requires that you have a job that would require commuting 50 miles longer than you currently do. For example, if your old house to old job was 10 miles, the distance from your old house to your new job would have to be at least 60 miles.

Recent comments by Lisa F

• Writing Off IRS Audit Cost?
  Yes, as a legal/accounting fee. You’ll be able to deduct it on your tax return.
• Upgrade My House, Then Write Off the Depreciated Value?
  Some assumptions- You are currently renting out space #2, but are considering renting out space #1, where you currently live, in the future.

  The bathroom improvement would be a depreciable addition for space #2. For space #1, the improvement to your own home would be an increase in your basis in the property. If you ever sell the duplex, this will offset the gain, if applicable. If you decide to rent out space #1 in the future, you can depreciate your basis at that time.

• Tax Write Off for Donation Car to Family Member
  No you can’t it must be a real charity. Otherwise everyone would call it donation when it is just a gift to family.
  You may not have anyhow if you don’t itemize and the charity must sell the car to determine the deduction. If they use it in the charity you don’t have a value to declare.
• Will Filing Amended Return Trigger IRS Audit?
  You will be paying them $950 more with the amendment and they may want some interest. That is likely the last you hear about it. If you can support the numbers on the amendment why worry about an audit. In most cases if you are not trying to do something wrong an audit is no big deal other than the time it take to prepare.
• Does the IRS Call People They are Going to Audit?
  If you have a unpaid tax bill and haven’t paid it, IRS may try to call you before taking enforced collection action.

powered by SEO Super Comments