I Sold My House and Have My Closing Statement, What Can I Deduct?

Your 'Origination Fees' or 'Points.' Often these are not on the 1098 Mortgage statement and are only found on the closing statement of your loan. The amount will be entered on your 1040-A Itemized Deductions Line 8 C.

If I Live in Colorado But Earn Income in Texas, Do I Owe Colorado State Taxes?

Yes.

Colorado state taxes are owed on total federal income. You can deduct the amount you paid in other state taxes however but since TX doesn't have income tax, you would not be able to deduct anything from your Colorado taxes.

2020-04-01
SOURCE:
https://www.colorado.gov/pacific/sites/default/files/Income17.pdf

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How Do I Report My Earnings From A Partnership or S-Corp on My 1040?

You use Schedule E


SOURCE:
https://pocketsense.com/report-schedule-k1-schedule-e-8631806.html

Colorado DR1317 Child Care Contribution Tax Credit Certification

This is a document used when certifying that a contribution has been made to a child care center. Often this would be used by a parent who contributes money to their daycare or pre-school. The DR1317 is prepared by the child care provider. Most people would have to ask their provider to do so.

SOURCES:
https://www.colorado.gov/pacific/sites/default/files/Income35.pdf
https://www.colorado.gov/pacific/sites/default/files/DR1317.pdf

What Is The 2017 Maximum Social Security Tax Amount? What to do with Overpayment?

The max amount of earnings for social security tax (6.2%) is $127,200 which equals a max amount of social security withholdings of $7,886. The excess is reported on line 71. Excess comes from either changing jobs during the year or a single employer overpaying SS.

What If My Spouse and I Have Been Over Our HSA Family Limit? (Excess Contribution to an HSA)

You will have to notify the bank. The excess contribution will need to be reported with your 1040 filing on Form 5329. If you discover it after filing for the year, the amount can be penalized by 6% to 10% for each year it goes un-taxed. In this case, if you already filed for that year, you would have to file a 1040X amended return for that year along with a Form 5329. If you have several years, you'll have to file several amended returns.


SOURCES:
https://www.irs.gov/forms-pubs/about-form-5329

https://www.irs.gov/instructions/i8889

What If Both I And My Spouse Have HSA Contributions? What is Our Max Contributing Amount

You can each have an HSA or just one of you but the max contribution is always the family limit:

2018 $6,900
2017 $6,750

SOURCE:
https://www.irs.gov/instructions/i8889

Home Equity Loan Interest Will No Longer Be Deductible For 2018 Filing Year

Source:
https://www.marketplace.org/2017/12/22/business/tax-bill-2017/tax-reform-home-equity-interest-deduction-affect

How Do I Report Your Crypto Currency On My Taxes?

Like other stock investments, it depends on cost basis, long-term or short-term (duration of your investment), and your gain or loss.

Further Info from TaxAct:

SOURCE: https://proadvance.taxact.com/paying-taxes-cryptocurrency-bitcoin-ethereum-litecoin-ripple/

Can You Deduct State Taxes on a Rental Property?

Yes.

SOURCE:
https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping

I Have A Mobile Home That I Rent With Lot Fees, Are The Lot Fess Deductible?

Yes. They would be part of the common expenses of the rental property.

I'm Self-Employed, How Much Of My IRA Contributions Can Be Deducted As A Business Expense?

Typically up to the lesser 25% of net income or $18,000. The worksheet will tell you exactly how much can be deducted.

Find the following worksheet:

Self-Employment Retirement Plan Worksheet

SOURCE:
https://www.irs.gov/publications/p560/ch05.html

I Filed an Extension, Can I Still Make SEP IRA Contributions?

Yes. You have until the end date of the extension to make contributions for the previous year.

SOURCES:
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions

Can I Deduct My Marketplace Insurance 1095-A Payments on My Schedule C?

No.

Reference:
https://ttlc.intuit.com/questions/3084018-self-employed-health-insurance-deduction-vs-form-1095-a-entries

If I'm On My Parents Health Insurance, But Not a Dependent on their Taxes, What Documents Should I Receive

You should receive your own 1095-A.

Reference:
https://ttlc.intuit.com/questions/3206605-i-m-on-my-parents-1095-a-form-what-do-i-do-on-my-return

I'm Converting My Basement Into a Rental Unit, How Do I Determine Cost Basis for Deducting Depreciation?

Take the square footage percentage of the rental (meaning maybe the sqare footage is exactly the same as the rest the house so 50%) and multiply that by the fair market value of the house at the time of the rental conversion.

Reference:
https://ttlc.intuit.com/questions/2900935-how-to-determine-cost-basis-of-rental-property-that-has-been-refinanced

Can My Schedule C Business Make A Charitable Donation?

No. But if you received any kind of ad space, promotion, etc, you can categorize it as an expense.

Reference:
https://ttlc.intuit.com/questions/2740607-where-do-i-report-business-charitable-donations-my-business-donated-to-charities-from-it-s-own-account-this-is-not-personal-donations-where-on-turbo-tax-does-this-go

Can I Deduct Home Warranty Costs?

No. BUT you can if it is on a property you own that generates income. It would be deducted under Other Expenses.

Reference:
http://tophomewarranties.com/understand-tax-deduction-in-home-warranty/

I Finished My Basement and Rented it As An Apartment. Are My Expenses Deductible?

No.  The expenses to improve your basement for a rental unit would be considered a capital improvement, in other words the finishing of your basement adds to the value of your home so these expenses are not immediately deductible.

So What Should I Do?

1) THE HARDER WAY: You can deduct the depreciation of these capital improvement expenses at %3.63 each year over 27.5 years BUT upon sale of the property, this depreciation will be recaptured and taxes on the total expenses will then be collected .

2) THE EASIER WAY: Save all the receipts for labor and materials you used for finishing the basement and add these to the cost basis of the home when you go to sell it. This will then increase the initial cost of your home which will decrease the taxable income.


Is There Anything I Can Deduct?

You can deduct any costs associated with utilities or maintenance of the rental space. This would include electricity, water, garbage, any kind of maintenance to the pre-existing structure, etc. This would be deducted in a Schedule E where you post your rental income.

REFERENCE:
http://homeguides.sfgate.com/tax-deductible-finish-basement-apartment-rental-59972.html

How Do I File A Deceased Person's Tax Return?

You can usually use form 1040.

1. Write deceased name in name section BUT put personal representative's name on address line with their address info.
2. Write "Deceased" and the date of their death across top of 1040.
3. Sign 1040 as 'Personal Rep.'
4. Attach a court document stating who the personal representative is.
5. Some people may need to file an actual estate tax return.
6. Include Form 1310 for certified representatives.

For Colorado:
Form DR0102


RESOURCES:
https://www.irs.gov/pub/irs-pdf/f1310.pdf
https://apps.irs.gov/app/IPAR/screen/IPAR_1/en-US/summary?user=guest