Dino Tax Co Blog

­

The Premium Tax Credit

The premium tax credit is available for those who sign up for the Healthcare.gov Marketplace otherwise known as Obamacare (the latter nomenclature may be somewhat pejorative, but that’s not really for me to decide). This credit therefore requires you to get insurance through the government sponsored exchange. It is only available under those circumstances. As [...]

How to Account for the Sale of Business Property on Your Tax Return

When you sell income producing property related to your business, like machinery or a moonwalk. You have to report that sale somewhere on your return. The result can be an ordinary gain or loss or a capital gain or loss. Unlike income generating property not used in a business, property used in an organized business [...]

Credits for Dependents – Children and Others

On the first page of your Form 1040 on the grid-like formatting under the personal information section is the area where you articulate your dependents. Within the last couple years, the tax benefit received for claiming dependents on your return has changed fundamentally. Let’s jump in so you can understand how these changes affect your [...]

Passive Activities and Their Accompanying Loss Limitations

This article deals with the nuts and bolts of passive activities and specifically the deductibility of their losses. This is a subject that should be important to people because more and more individuals have investments that qualify as passive activities, and as such could use an introduction into what they are, how their losses are [...]

Tax Treatment of the Sale of Your Primary Residence

There are always a lot of questions when it comes to people’s primary residences. These inquiries generally pertain to capital gains and losses along with deductibility of certain expenses. With the insane increase in the value of homes in the United States over the last thirty years, this issue makes sense to those who have [...]

Various Tax Treatments in the Sale and Trade of Property

(For a discussion of the basis and adjusted basis of assets, see here.) The sale of property is generally the first thought I have when I think of the term “taxable event.” There are exceptions but, if an event renders the disposal of an asset taxable, and that disposal was voluntary, then a sale has [...]

Determining the Basis of Property

(For a discussion of the tax treatment of the sale and trade of property, see here.) When you sell property, you’ll either have a gain or loss. The lingo associated with this gain or loss is not always intuitive, but is necessary for understanding the overall taxability of the transaction. In that vein, this post [...]

Types of Income: Other Income

(For the articles on wages, salaries, and tips; interest; dividends and other distributions; or rental income and expenses, click here, here, here, or here respectively.) “Other income” is the type of vague phrase that makes people hate the tax code. When all the other types of income on the Form 1040 are exhausted, you have this sink [...]

Load More Posts