Personal Taxes

Call or write to the IRS. Keep records of all of your attempts to contact an agent. Be polite and specific when calling, and refrain from becoming incoherent if you are feeling anxiety. Fill out IRS Form 911 if you cannot resolve conflict or find resolution through an IRS agent. Write your complaints in this form using blue or black ink. Be specific and complete all information requested. File a complaint with the Inspector General if you need to report cases of fraud or corruption by an IRS employee or contractor. Do not file complaints about your personal tax issues with this agency. Give details and have evidence of the violation or illegal activity in the complaint.

Uniform Transfer to Minors and Gift to Minors accounts are custodial accounts set up in a child’s name. There are no income eligibility limits to set up an account. Contributions are not tax deductible.
You may put up to $13,000 a year without any gift tax consequences.
As the custodian you have the choice to invest the money in any investment you choose. The current year tax consequences are that the first $950 of the investment earnings is tax free; the next $950 will be taxed at the child’s tax rate.
Any earnings above $1,900 will be taxed at the parent’s rate until the child is 18 years of age. After 18 the earnings are taxed at the child’s rate. An important item to note with these custodial accounts is that the account belongs to the child.
The child gains full control of the Uniform Gift account at age 18 and gains control of the Uniform Transfer account at age 21. Speak to your local CPA for more information on these custodial accounts.

Provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.

The IRS will waive penalties when allowed by law if you can show that you acted reasonably and in good faith or relied on the incorrect advice of an IRS employee. The IRS will also waive interest that is the result of certain errors or delays caused by an IRS employee.

Forms and publications can be requested by calling 1-800-829-3676.

The adjusted basis is the amount used to determine your profit or loss on the sale of your rental. It is generally your original cost increased by the non-deductible closing costs at the original closing plus any capital improvements made over the years minus prior years depreciation and other capital write-offs.

If all other criteria are met to file short form 1040A then you can use 1040A if the only capital gains are distributions from a mutual fund.

No. Land is not depreciable.

Depreciation may not be claimed on personal use property such as a residence. Depreciation expenses can be claimed on a Rental property or a business vehicle.