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About Tax Fairy

Member Since September 2, 2008
Female, Binghamton, United States

Answers


A:

How do taxes work when selling on etsy?

You will report your business income and expenses on a Schedule C as part of your regular Form 1040 tax return (unless you become a partnership or corporation). Your profit from the business will be ...
Submitted by Tax Fairy 15 days ago
0 comments


A:

Restructured business loan

Yes, but ..... you may be able to make it go away by using form 928 (?) to reduce tax attributes (NOL's, depreciable basis of assets, etc). It can also be cancelled out if you are insolvent. Talk to ...
Submitted by Tax Fairy 1 month ago
0 comments


A:

Irs help

You can try filing for an Offer in Compromise. You can download the form 656 booklet on www.irs.gov . You may be able to reduce the amount you owe or at least get manageable payments. The forms are ...
Submitted by Tax Fairy 1 month ago
0 comments


A:

Capital loss on house sale offsetting earned income taxes

If it was your private residence, no. Loss on the sale of your primary home is not deductible. If it was a property held for investment, you can deduct up to $3,000 in capital loss per year or use ...
Submitted by Tax Fairy 2 months ago
0 comments


A:

Amount of income necessary to be required to file tax forms for 2008

Don't know why this question popped into my inbox after all these months, but since no one has answered it.... Yes, you will need to file a final 1040 for her. You report the income that was received ...
Submitted by Tax Fairy 2 months ago
0 comments


A:

Hardship and my IRA

The regular income tax rate plus a 10% penalty. Talk to your broker or IRA custodian about setting up the withdrawals under "72t". The section states that you must take equal withdrawals every year ...
Submitted by Tax Fairy 2 months ago
0 comments


A:

Can I take a tax break for subidizing someone ...

Homeowner's association dues are not deductible for a private residence. They are deductible if the unit is rented out for income and would be deducted on Schedule E. You may want to check with the ...
Submitted by Tax Fairy 2 months ago
0 comments


A:

Tax - Cash Basis Related Party - Depreciation Question

Depreciation has nothing to do with whether you're accrual or cash based. The related party and anti churning rules limit the deduction however. Depending on how closely you're related you may be ...
Submitted by Tax Fairy 2 months ago
2 comments
Last comment posted 2 months ago by Tax Fairy

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