You can listen to the entire March 2, 2005 show here.

March 1, 2005

Janet Thanks for your previous answeres, & I found the form 587. Now for a person in a home bus. What forms will be needed to complete all of the tax return for 2004? - benny

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March 1, 2005
How do I fill out a Schedule D when I have a (3000) and a small positive this year? I lost a large amount a few years ago and have been taking a $3000 every year. This is 1st year I got made something. - Sandie LISTEN

March 1, 2005
We spent over 15,000.00 in materials and 12,000.00 in labor work to add on to our house and repair the roof and put a central unit...is there a place where we can write-off some of the expense..I retired last year and took out some of my retirement as a lump sum. - Maria Flores LISTEN

March 1, 2005
I EFILE MY TAXES AND NOT HAVEN'T RECEIVE MY TAXES AND I WANT TO KNOW HOW LONG DOES IT TAKE FOR I COULD RECIEVE IT. - Sonia Reyes LISTEN

March 1, 2005
My son runs 5 paper routes. His tax form didn't say exactly how much he earned last year, it just said "greater than $5,000". His tax preparer didn't know how to figure it out. What should he do? - Ginger Porche LISTEN

March 1, 2005
My wife and I moved into a new house in oct of 2004 and ended up renting our old house. How do we handle the property tax on each house and also the interest we pay on each house for the year and also the 3 months of 2004? also, I have a home business, how do I handle that part? (do I prorate it for the time period of each?) Thanks! - Corando Gallegos
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March 1, 2005
CAN A PERSON USE A CHILD THAT IS RECEIVING AN SSI CHECK AS A DEPENDANT. - SAM LISTEN

March 1, 2005

I have a lady friend who is on dialysis so I provided her with a brand new car. I am making the monthly payments and insurance premiums. The car is titled in both of our names. Can I claim her or take a deduction on the car/insurance payments? - Thomas LISTEN

#20796

March 1, 2005
I have a 529 plan for my children and the oldest one will be starting college soon. I know how to put money into a 529 plan. My question now is how do I get money out of the plan to pay for college expenses? - Elaine
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March 1, 2005
I want to set up an IRA for the first time. I'm preparing my taxes now and someone told me I can deduct my contribution in my 2004 tax return. Is that correct?? - Rebecca
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March 1, 2005

March 1, 2005
I care for children of my daughter in law all this year. She paid me weekly. I made $3000. and I'm 61 years old. Which for should I use to file if this was cash pay with no tax witheld? and which ID should I put for my employer..her ssn? - MARIA ROSALES
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February 28, 2005
I am in a precarious situation with my taxes this year. I am filing jointly with my wife. To keep it short we bought a home last year and along with that we had the MCC(Mortgage Credit) program which meant that I have would get $60 of my taxes given back to me from my biweekly paycheck. To get the discount I had to increase the number of dependends on my W4 from 1 to 7. Now when I am filing my taxes it shows that I owe money back because I did not pay enough taxes. I thought the MCC program was supposed to give me a discount not charge me at the end of the year for what was not deducted. For synopis the joint income earned for me and my wife comes up to around $44,000 and our house was bought at $88500. any advise would be greatfull as I dont think we have been lead to the right path in the past. - sandeep
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February 28, 2005
Own Farm. Negotiated a lease of farm for oil/gas drilling. Received Form1099MISC, Item 7 Nonemployee comp. I am passive owner of farm, retired, My Mother who lives on farm get FARM Rent. Does this income qualify as "contractor or sole owner business" so I can use to open IRA? I don't have any other business to use to qualify for "income earned" since I am retured, not working. I am itemizing, MFJ, completing Sch C-EZ & SE. Proper submittal? - Harold Browning
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February 28, 2005
Is it true that the IRS prepares tax returns? - Mark
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February 28, 2005
I recently moved to Corpus Christi and bought a house here. The house I sold cost more than the house I bought. Do I have to pay tax on the portion not reinvested? - Angela
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February 28, 2005
I haven't filed for 5 to 7 years. The first year I filed an extension and then never got around to it. Now,and since then, I worry that I am in a hole and it is getting deeper. I pay via payroll deduct but I haven't filed. What do I do? Whom do I speak with? This is embarrassing and I want to fix it now. - Roland
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February 27, 2005
We have Bus. in home. one room has Pc., fax. tele.,two desk,one triple dresser for storage. What can be deducted fr. home and auto for tax write off? our bus income---$15,000 before deducts.
February 27, 2005
for bus out of home, total utilities,elect,phone,home taxes, is deductable? write down the total yearly bills for these? for the auto used in bus.--miles,oil changes,repairs,auto interest on loan, what else? - benny burke - benny
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February 26, 2005
With the new sales tax deduction I heard that you can add sales tax paid for a vehicle to the amounts in the IRS tables. I am having a race car built for personal use. Can I add the sales tax paid on the various components to the amount in the tables? Does it make a difference that the car will not be street legal? - Jeff
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February 25, 2005
I am a real estate investor and have rental properties as well as properties I buy and flip. What expenses can I deduct besides those directly associated with the properties? Like gas, travel, time, partial use of premises and so on. - Tom G.
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February 24, 2005
I am new to Texas. Is any part of the Texas license plate fee deductible? It is in other states since part is a personal property tax. - Chris Swanson
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