Dennis Carroll
Do I have to file a Gift Tax Return?
Yes, any time you make a gift to someone in an amount larger than $16,000. You report the gift amount that is more than $16,000 on a gift...
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Dennis Carroll
- Sep 20, 2022
- 1 min
Income tax on the sale of your home?
Maybe; if you bought it for almost nothing and it's value has increased a lot. If you're married, then you can exclude $500,000 of gains...
Dennis Carroll
- Jul 8, 2022
- 2 min
Should an estate asset be sold after it is distributed to estate beneficiaries or before?
Assets, for this answer, include real property (houses & land), stocks, and any valuable personal property (vehicles & collectibles) and...
Dennis Carroll
- Jun 14, 2021
- 1 min
Trust v. Will
The main difference between a trust and a will is that the will's instructions must be approved by a court before being carried out. ...
Dennis Carroll
- Oct 20, 2020
- 1 min
How can my non-working spouse save for retirement?
As long as 1 spouse has earned (non-passive) income, then the working spouse can contribute to an IRA in the name of the non-working...
Dennis Carroll
- Feb 13, 2020
- 1 min
Do I have to report money I inherited on my income tax return?
No, but if you put that money into a bank account that earns interest then you'll report the interest income. If you stuff that money in yo
Dennis Carroll
- Feb 10, 2020
- 1 min
How does the IRS catch your cash-only side business?
If a client pays you more than $600, they are supposed to file a 1099-MISC with the IRS. Now maybe that 1099-MISC never made it to you bec
Dennis Carroll
- Feb 3, 2020
- 1 min
Can I deduct fees paid for my kid's sports team?
Maybe. If your kid is under age 13 and his participation during team practices/games is meant to allow you to work, then you could deduct u
Dennis Carroll
- Jan 28, 2020
- 1 min
Can I deduct the new roof I put on my house?
"Can I deduct the new roof I put on my house?"
Yes, this credit ("deduction") was reinstated recently for 2019 and 2018 after not being all
Dennis Carroll
- Jan 21, 2020
- 1 min
Will my taxes increase, if I withdrew money from my retirement account to buy a house?
Depends on the type of retirement account, how much you took out, and if you're considered a first-time homebuyer.
A 401K withdrawal will
Dennis Carroll
- Jan 17, 2020
- 1 min
I bought my first house; how does this change my taxes?
Depends on whether you're married or sharing the house expenses or buying alone. If you bought the house alone, and the local property taxe
![Did the required minimum distribution [RMD] age for retirement accounts change?](https://static.wixstatic.com/media/nsplsh_6c686c744d47646f686338~mv2_d_5066_3648_s_4_2.jpg/v1/fill/w_940,h_411,fp_0.50_0.50,q_90,enc_auto/nsplsh_6c686c744d47646f686338~mv2_d_5066_3648_s_4_2.jpg)
Dennis Carroll
- Jan 14, 2020
- 1 min
Did the required minimum distribution [RMD] age for retirement accounts change?
Yes, if you turn age 70.5 in 2020 or later, then your RMD age is now 72. You can also contribute to your traditional IRA now, if you're sti
Dennis Carroll
- Dec 27, 2019
- 1 min
Why do I have to pay income taxes but Amazon doesn't?
Income tax is owed on net profit; which is sale proceeds minus expenses. Amazon had a few expense categories that were very large.
Dennis Carroll
- Dec 26, 2019
- 1 min
How many personal days can I use in my rental property before it affects my tax return?
A personal use day is any day that you're using the property or anyone else is using the property for less than a fair rental price. (Or yo
Dennis Carroll
- Dec 20, 2019
- 1 min
How much does the government really need my income taxes?
For fiscal year 2018, the federal government relied on federal income taxes as 51% of its total revenue of $3.3T. Payroll taxes, which are
Dennis Carroll
- Dec 12, 2019
- 1 min
Does my child need to file an income tax return if they only had a summer job?
Does my child need to file an income tax return if they only had a summer job?
Your child will need to file a federal income tax return (10
Dennis Carroll
- Dec 12, 2019
- 1 min
Will my retirement payments be taxed in my employer's state if I move to another state?
Will my retirement payments be taxed in my employer's state if I move to another state? No, retirement plan payments will be taxed in the s
Dennis Carroll
- Dec 10, 2019
- 1 min
Do I get a tax credit for putting energy efficient products on my house?
Yes, but only the following products:
solar electric property,
solar water heaters,
geothermal heat pumps,
and
small wind turbines.
Dennis Carroll
- Dec 9, 2019
- 1 min
When does the IRS consider a business activity a hobby?
Generally, a business activity will be considered a hobby when it doesn't look like you intend to make a profit. The IRS will look at the "
Dennis Carroll
- Dec 6, 2019
- 1 min
Can I claim my parent or adult child as a dependent?
Yes, but their taxable income must be less than $4,200 in 2019 and you must pay for more than 50% of their total support.
In this test, "
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