Q&A
Asked by gariths626
Answered by MoneyTips Writing Staff
Financial Adviser in Los Angeles, CA
Determining whom you can claim as a dependent can be tricky. Here's an IRS website that should help.
Q&A
Asked by an anonymous user
Answered by David Skow
Mortgage Professional in Seattle , WA
As long as the HELOC is in the first mortgage position you should be able to write off the interest, but double check with a CPA or accountant for your specific situat...
Q&A
Asked by Dbrunman
Answered by Michael Karu
CPA/CFF/CGMA in Livingston, NJ
For 2017, the standard deduction for a couple with the filing status of Married Filing Jointly is $12,700. For each person aged 65 or older, there is an additional $1...
Q&A
Asked by cavener
Answered by Jeffrey Schneider
Tax Professional
Your age is not relevant. you may deduct gambling losses only if you itemize your deductions on Form 1040, Schedule A and kept a record of your winnings and losses. Th...
Q&A
Asked by an anonymous user
Answered by Michael Karu
CPA/CFF/CGMA in Livingston, NJ
The full value of the IRA is includable as income by the beneficiary of that IRA. If no beneficiary was named, then it is taxable to the estate, which must file Form ...
Q&A
Asked by an anonymous user
Answered by Michael Karu
CPA/CFF/CGMA in Livingston, NJ
Interest and dividends earned on life insurance policies are not includable for tax purposes unless paid to a beneficiary and even then, the insurance carrier would se...
Q&A
Asked by pmekrut
Answered by Jeffrey Schneider
Tax Professional
Yes, the new law did not change the deduction for health insurance premiums.
Q&A
Asked by ravenknight10025
Answered by Jeffrey Schneider
Tax Professional
The short answer is yes if the divorce was basically finalized before very late 2017. If after that date, it is neither taxable or deductible under the new law.
Q&A
Asked by Gguzman58375
Answered by Jeffrey Schneider
Tax Professional
Absolutely not. If you make a donation to a museum that is a not for profit and not disguised as an entry fee, that is a charitable donation.
Q&A
Asked by Marjorie
Answered by MoneyTips Writing Staff
Financial Adviser in Los Angeles, CA
The usual rule of thumb is to keep your tax returns for three years and your bank statements for one year, but there are some cases in which you should keep your recor...
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