Today TaxMama hears from Kathy in the TaxQuips Forum with this interesting question. “My client and his young son traveled to Qingdao, China last year for the transplant of umbilical cord blood stem cells from my client’s daughter, for the treatment o

Today TaxMama hears from Enrolled Agent Alison Jacks in San Francisco who brings up an important issue. “What do you think of the fact that many (dare I say most?) tax professionals do not seem to provide depreciation schedules with the taxpayer’s co

Today TaxMama hears from Bill in the TaxQuips Forum with a common misconception. “I have a W-2 through my employer and contribute to their 401k plan. I also have $30,000 net rental income from Schedule E as a sole proprietorship. Can I contribute to a S

Today TaxMama hears from Hayley in Indiana who made a bold move. “I quit my job last October to go back to school. My school is through our hospital (an Allied Health Program) but is not a part of the eligible educational institution.( is not signed up

While walking down the street one day a US senator is tragically hit by a truck and dies. His soul arrives in heaven and is met by St. Peter at the entrance. ‘Welcome to heaven,’ says St. Peter. ‘Before you settle in, it seems there is a problem

Today TaxMama hears from Elisa in Santa Clara, California who is doing something brave. “I am involved with groups and individuals who feed and Trap/Neuter/Return (TNR) feral cat colonies. The cats live outdoors and are not owned by the feeders. Some

Today TaxMama hears from Susan in the TaxQuips Forum, who tells us. “I have more rental expenses than income, so there’s a loss of $20,000. But I can’t use it to offset any of our income. Can I take the property tax and the mortgage interest that w

Today TaxMama hears from Dabeler in the TaxQuips Forum, with this question. “2009 is my first year as a sole proprietor. I set up a solo 401K in Dec 2009. I made $185,000 on my 1099. Can I put in the full $54,500 for 2009? I am over 50.” Hi D

Today TaxMama hears from Stephanie from Minnesota, who tells us. “My husband and I own two homes. My sister is currently renting our first home from us and we live in the 2nd home. Can we claim both homes’ interest on our taxes? Does my sister qual

Today TaxMama hears from Sylvia in the TaxQuips forum, with this terse question. “Box 2 $160,000 Box 4 $150,000. Adj Basis $210,000. Which Form (982)? and which lines to use.” Dear Sylvia, You have two things happening here on Form 1099-A