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Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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1answer
228 views

Selling Gifted Stock - Capital Gains, Gift Tax, AGI/Deductions

My wife and I received a gift of $100k stock from a relative two months ago. Cost basis of the stock was $30k, purchased by that relative 5 years ago. We hope to sell the stock to use for a down ...
4
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4answers
12k views

Is “premium tax credit repayment” deductible as health insurance cost for self-employed?

Under the ACA, you estimate your income for the year when signing up for a health insurance plan via the exchange. If you are eligible for a subsidy, it is calculated based on this estimated income, ...
4
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1answer
2k views

Canadian income tax & charitable donations: How much is income tax reduced by donations?

In Canada, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
4
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3answers
1k views

Cash flow implications of converting primary mortgaged residence to rental

I'm considering the net monthly cost of moving from a mortgaged home to a rental, and converting my current primary residence to a rental property. (Note: the reason for renting instead of selling is ...
4
votes
1answer
105 views

What things do I need to consider if I want to gift units of a fund or stock to some one who is not related?

Instead of the traditional cash gift, I want to give my gift in terms of something that could increase in value over the long term. Before doing that I wanted to ask the below questions: Do I have to ...
4
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2answers
343 views

How can I calculate my income for purposes of an IRA deduction when I have HSA/401k deductions?

This chart here has the income restrictions for IRA deduction income limits. It does not use your AGI but a modified AGI. I have been unable to find any resources detailing how this income ...
4
votes
1answer
862 views

Car expense deductions with multiple work locations

I'm trying to figure out the rules on deduction of car expenses as a business expense. I'm looking at IRS publication 463. Suppose that I work from home, but do not qualify for a business use of ...
4
votes
1answer
82 views

Can I re-file an old tax return to get a refund of monies paid incorrectly in a previous year?

Let's say I screwed up and didn't claim all the deductions that I could have in a previous tax year. Can I file a new tax return for that year which is corrected, then claim the difference between ...
3
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1answer
79 views

Is an account transfer fee paid for transferring a Roth 401(k) to a Roth IRA tax-deductible?

I rolled over a Roth 401(k) to a Roth IRA and was charged a fee by the outgoing financial institution. This fee was paid from the account balance. Is this fee deductible as an investment expense? If ...
3
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3answers
374 views

How do I use investments to lower my taxes [US]?

I'm not sure how this works. Do you just report on your taxes which investments you contributed to during that year, and then get a deduction? I want to pay less taxes, and put my income in some ...
2
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1answer
126 views

Can one deduct lawyer consult fee less than $1000 for ex-employer's threat letter related to confidentiality in 2018 taxes?

Someone I know paid around $1000 last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they threatened lawsuit and ...
2
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1answer
2k views

Using credit card points to pay for tax deductible business expenses

If I use credit card points to pay for business expenses, am I still able to claim those expenses as deductions on my taxes? Part 1: As a small business owner, I wish to attend an annual seminar to ...
2
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1answer
2k views

How are Canada Universal Child Care Benefit (UCCB) & related tax measures changing in 2015?

Significant changes to Canada's Universal Child Care Benefit (UCCB) and related income tax measures were announced on October 30, 2014 by the Prime Minister. What exactly is changing w.r.t. UCCB and ...
2
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1answer
96 views

What should I claim on tax withholding?

I currently just graduated and received a job! Wahoo! My Dad told me he is still going to claim me though, for this year anyways. First question is: What does that really mean? Also, should I claim a ...
2
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1answer
86 views

US Resident with a full-time job for a US company started a contracting job for a UK company in his free time

Background I'm not a US citizen but I've been living and working as a computer engineer in US on a work visa (OPT) for the past ~3 years and previously went to a university in the US as well. Based ...
2
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1answer
1k views

401K participant for part of year - Can I contribute to an IRA?

I have participated in my previous employer's 401K plan (traditional and Roth) for three months of 2014. My new employer does not allow participation in their plan until one year of service. Can I ...
2
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0answers
104 views

Can I recover employer-paid health insurance premiums erroneously reported as imputed income?

Every December my employer adds some $7k of imputed income to my last paycheck to account for the cost of employer paid health insurance premiums for my domestic partner. However, my domestic partner ...
1
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3answers
2k views

What portion of my rowing club membership fee is tax-deductible?

I am part of a rowing club in the US and pay a membership fee. The rowing club is a 501(c)(3) non-profit, open to the public, and offers learn-to-row classes. The benefits that I receive for my ...
1
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0answers
62 views

Is the full monetary amount of sub-contracting tax deductible?

At the moment I effectively work for myself, contracting full-time to a single company. I invoice this company $x every month. In the near future, I would like to either hire or sub-contract other ...
1
vote
1answer
795 views

Tax Exemptions: Live in One State, Work in Another

So I'm pretty young and don't completely understand how I should be handling my taxes. I've been burned year over year recently by being a contractor and have recently started to pay attention closely ...
1
vote
1answer
184 views

How detailed do itemized deductions have to be? (source needed)

how detailed do itemized deductions need to be? I get the impression that one could just write the total amount of deductions in one line and be done with it. In the event of an audit the taxpayer ...
1
vote
1answer
78 views

How do Ontarians calculate optimal RRSP contribution?

Pls see my dad in Ontario's facts. He maxed out his TFSA, and his annual pre-tax income (henceforward "APTI") is $50K. CRA website shows his 2019 RRSP deduction limit is $100K. If I understood this ...
1
vote
1answer
185 views

Contribute to RRSP without deducting?

I am in a lower income bracket, however, like the idea of contributing to an RRSP because any earnings within the plan are tax-exempt. Is it possible to contribute to my RRSP, but not have it deduct ...
1
vote
1answer
620 views

Where should standard deductions be mentioned on form 1040NR?

I am a non-resident alien for the year 2017 as far as tax returns are concerned. I used a software to complete my 1040NR form, but I have a question regarding the document that was prepared by the ...
0
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2answers
79 views

What pretax allowances can only be taken advantage of during payroll deductions?

Is it true that some pretax offerings from full time employment at a company can only be taken advantage of via payroll deduction? Essentially your company shuffles the money about for you as the ...
0
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1answer
303 views

Self-employed, Medicare, Retiree: Box 5 on 1099-R is empty; is health insurance deductible (1040, Line 29)?

If Box 5 on a 1099-R is empty, does that mean that health insurance premiums for a self-employed retiree can be deducted on line 29 of the 1040? (Assumption: All other requirements for 1040 line 29 ...
0
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2answers
106 views

What are my options for tax deductions if buying a house for my sister (complicated)

I am looking at buying a home for my sister to live in and I am trying to figure out if I can deduct any of the interest/payments. This is a pretty special case from what I can tell - I can't tell if ...
0
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1answer
150 views

Taxes - Extra money at the end of the year

Background I run a small business and we have a fortune 500 company as one of our clients. This is great and all except that they push us around as far as finances are concerned. They always pay, but ...
0
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1answer
204 views

USA, tax, business travel overseas, lodging / M&IE allowance system?

Say you are in the US. You are self-employed. During the year you have to travel to country X (say, Japan) for 20 days to see one of your clients. It is pure 100% business travel. For travel within ...
0
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2answers
107 views

How are deductions divided between ordinary income and long term capital gains?

The question applies to the US federal income tax for tax year 2018. To make things concrete, let's suppose I have $50k in ordinary income and $50k in long term capital gains. I plan to use the ...