Today TaxMama hears from Kristen in the TaxQuips Forum, who is a bit confused. “I am a 23 year old full time student. My income from 2010 is $12,247 and I live with my parents. My parent’s accountant told them last year that they would not be able to

Today TaxMama hears from Ryan in the TaxQuips Forum, who recently got a shock. “My wife and I purchased and ran small business about 3 years ago for a period of exactly 6 months. We decided to give the business back to the owner we bought it from becaus

Today TaxMama hears from Angela in the TaxQuips Forum, who did something clever “When my children were born I paid for a service to have their umbilical cord blood stored (stem cells). We pay a yearly storage fee (about $200), and have not been able to

Today TaxMama hears from Charmaigne in the TaxQuips Forum, with a reasonable issue. “My son turned 26 in November of 2010 and has been out of work for over a year. He lives with me and I have supported him in every way, medical bills, dental bills, auto

Today TaxMama hears from Chet in the TaxQuips Forum, who is concerned. “I gambled online quite extensively last year. However have a large net loss for the year. I have only “cashed out” of my online gambling account twice all year. I haven’t do

Today TaxMama hears from Dil in the TaxQuips Forum, who needs clarification. “The issue is related to the definition of ‘qualified educational institution.’ The institution is a regionally accredited one, but the full definition of ‘qualified ed

Today TaxMama hears from Sarah in the TaxQuips Forum, with a good question. “My husband is a personal trainer and uses our back patio exclusively to train clients (we do not use this space for anything else). Is this deductible and if so, how? Do we h

Today TaxMama hears from Elizabeth in the TaxQuips Forum, with a sad problem. “Can a loss on deposits be deducted on Schedule A or form 4684? I researched the IRS website and it is allowable. But what if the amount is more than $20,000 for the entire l

Today TaxMama hears from Rachel in the TaxQuips Forum, who needs clarification. “My husband and I are the only owners of our LLC. From my understanding, in our state (Arizona) we can file a schedule C with our 1040. When I try to do this with TurboTax i

Today TaxMama hears from Jesus in the TaxQuips Forum, who is on the cusp. “I made my offer for my home on 04/29/10 but I closed escrow on 06/14/10. My HUD-1 statement says STAEMENT DATE : JUNE 14, 2010, basically the day I closed escrow. Do I still qual