Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
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Answer Tax QuestionsDepreciation - 15 year property
Asked Wednesday, November 08, 2000 by an anonymous user
15 year property includes any municipal wastewater treatment plant, any telephone distribution plant and comparable equipment used for 2-way exchange of voice and data communication, any qualified restaurant property that is a building, any qualified leasehold improvement property, any section 1250 property that is a retail motor fuels outlet whether or not food or other convenience items are sold there, initial clearing and grading land improvements for gas utility property, certain electric transmission property.
Depreciation - 27.5 year property
Asked Wednesday, November 08, 2000 by an anonymous user
Residential rental property consisting of a building in which 80% or more of the total rent is from dwelling units is considered 27.5 year property.
It also includes manufactured homes that are residential rental property and elevators and escalators.
It also includes manufactured homes that are residential rental property and elevators and escalators.
Depreciation - Nonresidential real estate - 39 year property
Asked Wednesday, November 08, 2000 by an anonymous user
Nonresidential real property is real property that is not residential real property or property with a class life of less than 27.5 years.
For nonresidential real property placed in service after 1986 and before 5/13/93 the cost is to be recovered over 31.5 years not 39.
For nonresidential real property placed in service after 1986 and before 5/13/93 the cost is to be recovered over 31.5 years not 39.
Dependent Care - Flexible spending account reimbursement
Asked Monday, October 30, 2000 by an anonymous user
Your dependent care flexible spending account reimbursement does reduce your maximum child care base expense amounts of $3,000 or $6,000 (2 or more children) claimed on IRS Form 2441.
Child Care Credit - Alternative Minimum Tax
Asked Friday, October 27, 2000 by an anonymous user
Your child care credit like the other nonrefundable credits can be limited by your "Tentative" Minimum tax not your "Actual" Minimum tax.
Both the Tentative and Actual Minimum tax amounts are reflected on IRS Form 6251.
If you do not understand why your child care credit is being disallowed or limited, speak to your local CPA for an explanation.
Both the Tentative and Actual Minimum tax amounts are reflected on IRS Form 6251.
If you do not understand why your child care credit is being disallowed or limited, speak to your local CPA for an explanation.
Will the $1,000 I won at Keno be reported to the IRS ?
Asked Friday, October 27, 2000 by an anonymous user
Generally, Keno winnings are reported on Form W-2G to the IRS if they are $1,500 or more reduced by the wager amount.
Is the $1,000 I won on the slot machines in Las Vegas reportable to the IRS ?
Asked Friday, October 27, 2000 by an anonymous user
Generally, slot machine winnings are reported on Form W-2G by the payer if the winnings are $1,200 or more.
Is the $1,000 I won at Bingo reportable to the IRS ?
Asked Friday, October 27, 2000 by an anonymous user
Generally, bingo winnings are reported on Form W-2G from the payer to the IRS if the amount is $1,200 or more.
Are my gambling winnings from the lottery subject to backup withholding ?
Asked Friday, October 27, 2000 by an anonymous user
Generally, backup withholding applies to slot machine winnings and bingo for winnings of $1,200 or more. The amount of the winnings and withholding will be reported on Form W-2G.
