Have questions that need quick answers?
If you can’t find it here or need additional information, then give us a call.
If you cannot get a W2 from your employer, a special form must be filed with your return explaining how you arrived at your income and withholding amounts.
If you itemized last year and deducted state income taxes paid, you may need to report your state income tax refund as taxable income this year.
Yes, unemployment is taxable income and must be reported on your return.
Child support is not considered taxable income to the recipient nor is it considered a tax deduction to the payer. On the contrary, alimony is considered taxable income to the recipient and an adjustment to income for the payer.
Yes, gambling winnings must be reported in full based on the 1099-G’s that you receive. Gambling losses are deductible on Schedule A, but only to the extent of gambling winnings. If you don’t itemize, gambling losses are not deductible.
No, but you will need to file a gift tax return. No tax will be due on the return, but the gift will apply to your lifetime exemption for gifting.
Yes, if you itemize. Most people use the IRS table amount, but you can calculate actual sales tax paid based on your records. If you purchased a vehicle or boat, you may deduct that sales tax in addition to the table amount.
Refinance points are amortized over the life of the loan. However, if you refinanced with a different company you may be eligible to write off remaining points from a previous refinance.
Yes, but the deduction is phased out at higher income levels.
Yes, all property tax paid during the year is deductible. Also check your escrow statement for amounts paid through escrow.
No, in general, interest must be secured by real estate in order to be deductible.
In general, if an RV or boat has sleeping, cooking and toilet facilities, the vehicle can be considered your second home and the mortgage interest deducted.
For amounts less than $250, no deduction is allowed unless you have either bank records, such as a cancelled check, or written acknowledgment from the charity documenting the amount and date. For amounts of $250 or more, you must have written acknowledgement from the charity.
Detailed records must be maintained including a reasonably detailed description of the property and the method used to value the property. For amounts of $250 or more, you must also have written acknowledgement from the charity. For amounts over $500, your records must also include information about the original acquisition. For amounts over $5000, a written appraisal is required.
Yes, but if it’s worth over $500, the deduction will generally be limited to the amount received by the charitable organization upon selling the vehicle.