FAQ Search Results

I purchased stock from my employer under a § 423 employee stock purchase plan and received a Form 1099-B for selling it. How do I report this?

My housemate and I are the legal owners of our house. We have a mortgage, secured by our house, on which we are jointly and severally liable. The house is our principal residence. We each pay one-half of the mortgage, including principal, interest, and real property taxes, from our joint account in which we have an equal interest. I receive a Form 1098, Mortgage Interest Statement, each year. The Form 1098 shows my name and Social Security number, along with the total amount of mortgage interest and real property taxes paid during the calendar year. How do my housemate and I reflect our respective payments of mortgage interest and real property taxes during the calendar year on Schedule A of our separate Forms 1040?

Why does my Form W-2 report a benefit of $5,000 in box 10 when my employer set aside $5,000 in wages for dependent care expenses under a dependent care assistance program?

My spouse and I both work and are eligible for the child and dependent care credit. May I include my 5-year-old son's private kindergarten tuition as a qualified expense on Form 2441, Child and Dependent Care Expenses?

I recently formed a limited liability company (LLC). The LLC has no employees, isn't subject to relevant excise taxes, and hasn't elected to be taxed as a corporation. Do I need a separate federal tax ID number for the LLC?

If the custodial parent releases a claim to exemption for a child by signing a Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent, or a substantially similar statement, may the noncustodial parent claim the child as a qualifying child for the earned income credit?

I donated a used car to a qualified charity that sold the car immediately after I donated it. I would like to take the charitable contribution as an itemized deduction. Do I need to attach a special form to my return for the donation? What records should I keep?

My Form W-2 shows allocated tips in box 8. I tip out 15% of all my tips to the busser and 5% to the bartender. Do I deduct the tipped-out amounts from the amount in box 8 when I report it on my income tax return?

Last year, my parents and I both took out student loans to pay for my education. We both received Form 1098-E for our separate loans. I wasn't their dependent last year. Can we both claim student loan interest on our tax returns?

May I claim the child tax credit/additional child tax credit or the credit for other dependents as well as the child and dependent care credit?