Today TaxMama hears from Karen in the Tax Quips Forum, with a complex problem. “Her client owns three homes: A primary home, a vacation home and a home for Mom. They bought the vacation home with a mortgage. After paying cash for their residence, they r

Today TaxMama hears from Dallas in the Tax Quips Forum, with a disturbing question. “My mother has been collecting antique gold coins for years now. She got a call from one of her dealers telling that at the first of the year, the tax laws for these coi

Today TaxMama hears from Matt in the Tax Quips Forum, who has the right idea. “I have started a side business doing yard work. I am trying to determine the best way to save to pay my taxes. I have a checking account that is just for the side business. I

Today TaxMama hears from Marina in the Tax Quips Forum, with this situation. “Two separate clients have purchased houses to flip in 2010. One is a R.E. agent the other is the owner of a construction co. (C corp). Both have purchased a house, and after

Today TaxMama hears from Tom in the Tax Quips Forum, who has gotten bad advice. “I started investing in an online program that is registered in the British Virgin Islands. They say that this program is exempt from the US Securities Act of 1933, the US S

Today TaxMama hears from Mike in the Tax Quips Forum, who is unclear on the concept. “My 7 month certificate of deposit (in an IRA) will expire in November 2011. I used this money as a tax deduction for 2010. If I re-invest in another 7 month CD, at th

Today TaxMama hears from Gordon in the Tax Quips Forum, who wants fairness. “In 1996 I purchased a leasehold interest in a lot in a recreational vehicle park. The lot is on leased land owned by someone else. Since there was actually no real property I

Today TaxMama hears from Jewelz in the Tax Quips Forum, in distress. “I purchased my primary residence in October of 2009. My roommate moved out in April 2011. That led me to turn home into a rental due to not being able to make mortgage payments. I am

Today TaxMama hears from Rick in the Tax Quips Forum with set of questions. “I have a tax question about my company stock purchase plan. I elected to contribute ($5,000) to the plan last year and it runs from Oct 1, 2010 till Oct 1, 2011. The benefit of

Today TaxMama hears from Dave in the Tax Quips Forum with an odd question. “I received SDI for two months in 2010 and gave it to my employer so that I could retain full pay. It does not show on my W-2 and I was taxed for full pay. How do I handle the