| Recent Answers from Glenn D Schnabel |
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2008-11-30 Capital gains deduction on rental property: Armeen, Thank you for your question. 1)Once the current tenants leave, can I live in it for 2 years and take the capital gain deduction of $500K for married couple? Yes As per the IRS web site:...
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2008-11-29 Vehicle Allowance: Allen, Thank you for your question. 1) Is there any way I can recoup the taxes that I have paid on this vehicle allowance? There is a provision in the IRS code which says that the employer can...
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2008-11-28 ROTH Recharacterization 2008: Jerome, Thank you for your question. 1)When it comes to tax time for the year 2008 do I need to claim anything or is it just like I never converted my money? According to IRS: Reconversions...
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2008-11-28 W8BEN: Dave, Thank you for your question. 1)My question is why is this form required? What is the purpose of this form? Instructions to Complete the W-8BEN Form In general, scholarship or fellowship...
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2008-11-28 reportable income: John, Thank you for your question How do I report this on my taxes? What options do I have? You have two options: 1) You can report the income on line 21 of form 1040 Other Income. You are...
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