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The most frequently asked tax questions, answered by our network of licensed accountants.
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Can I use short form 1040A if the only capital gain distributions are from a mutual fund ?
Asked Tuesday, November 28, 2000 by an anonymous userCPA Answer:
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.
Investments & Financial Planning
Is there a website for determining withdrawals from retirement fund to achieve a specific income level ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
T. Rowe price has created a website for users to enter assets information, how long they plan to be in retirement and their desired withdrawal from the retiremnet fund to determine the liklelihood or success based on these variables. www.troweprice.com/ric is the address.
In reference to insurance , what is an Elimination period ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
An Elimination period is a type of deductible. It is the length of time the individual must pay for covered services before the insurance company will begin to make payments. The longer the elimination period in a policy, the lower the premium.
In reference to insurance , what is a Guaranteed Renewable policy ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
Guaranteed renewable is when a policy cannot be cancelled and must be renewed when it expires unless benefits have been exhauseted. The company cannot change the coverage or refuse to renew the coverage for other than nonpayment of premiums. This includes changes in health conditions or marital or employment status.
Is the cost of Land depreciable ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
No. Land is not depreciable.
Depreciation - Land depreciation
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
Land is not depreciable.
Is the cost of Farmland depreciable ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
No. Farmland is not depreciable. Farm Buildings and machinery used on the farm are depreciable.
Depreciation - Farmland
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
Farmland is not depreciable. Farm Buildings and machinery used on the farm are depreciable.
Can I deduct the costs of trees I planted on my business property ?
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
Trees and bushes planted on your business property can be depreciated over a 15 year period. Landscapping service expenses can be deducted in the year performed.
Depreciation - trees & bushes
Asked Monday, November 27, 2000 by an anonymous userCPA Answer:
Trees and bushes planted on your business property can be depreciated over a 15 year period. Landscapping service expenses can be deducted in the year performed.