Dennis C. Carroll, Esq.
How does depreciation work?
Instead of being able to take a current-year, full deduction for a business or income-producing purchase, some purchases require...
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Dennis C. Carroll, Esq.
- Jul 20
- 1 min
What taxes do I owe when I wholesale real estate?
By wholesaling I mean that you have contracted with a real estate owner to buy their property at a price, but this contract allows you to...
Dennis C. Carroll, Esq.
- Jul 11
- 1 min
How much tax will I owe when I flip a house?
Your tax will depend on several factors that determine if you are in the flipping business (as a dealer) or the investment business. ...
Dennis C. Carroll, Esq.
- Sep 20, 2022
- 1 min
Do I owe income tax when I sell my house?
Maybe; if you bought it for almost nothing and it's value has increased a lot. If married, then you can exclude $500,000 of gains for the...
Dennis C. Carroll, Esq.
- 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 C. Carroll, Esq.
- 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 C. Carroll, Esq.
- 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 C. Carroll, Esq.
- Jan 21, 2020
- 1 min
I withdrew money from my retirement to buy a house, how will this affect my taxes?
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 C. Carroll, Esq.
- Jan 17, 2020
- 1 min
Does buying a house change my income tax return?
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
Dennis C. Carroll, Esq.
- 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 C. Carroll, Esq.
- Dec 10, 2019
- 1 min
What are the tax credits for putting energy efficient products in/on my house?
Yes, but only the following products:
solar electric property,
solar water heaters,
geothermal heat pumps,
and
small wind turbines.
Dennis C. Carroll, Esq.
- 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 C. Carroll, Esq.
- 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, "
Dennis C. Carroll, Esq.
- Dec 4, 2019
- 1 min
How do I file taxes for a deceased family member?
Income earned by a deceased family member from January 1st through the day of their death will be reported on their final individual income
Dennis C. Carroll, Esq.
- Dec 2, 2019
- 1 min
Should I take the standard mileage deduction or actual expenses for the business use of my car?
The easy answer is "it depends". And you won't know until December 31st when you've tallied a year's worth of expenses and mileage. An older
Dennis C. Carroll, Esq.
- Nov 27, 2019
- 1 min
Can I deduct the part of my house where I work (my home office)?
Yes, but that part of your house must be used exclusively & regularly for your own business. You can either deduct $5 per square foot of you
Dennis C. Carroll, Esq.
- Nov 21, 2019
- 1 min
What are my charitable donation limits?
In 2019, cash/check donations are limited to 60% of your adjusted gross income [AGI]. Non-cash [property] donations are limited to 50% of yo
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