Deducting 529 Plan Losses
Thanks to their beneficial tax treatment, qualified tuition programs (QTPs—commonly referred to as 529 plans) have become the plan of choice for many taxpayers trying to save enough money to cover the ever-escalating costs of getting their child or grandchild through college.
Standard Mileage Rates for 2009
Beginning January 1, 2009, the standard mileage rates for the use of an automobile (including vans, pickups, or panel trucks) are 55 cents per mile for business miles, 24 cents per mile for medical or moving purposes, and 14 cents per mile for service to a charitable organization.
Purchase of a Taxpayer's Home by an Employer
Sometimes, when an employee is transferred to a new location, the employer will purchase his or her home. The amount paid can be fair market value (FMV) as established by appraisals, a guaranteed percentage of the employee’s cost basis in the home if the appraisal is less than the basis, or any other amount agreed to.
Repossessing Real Estate Sold on the Installment Basis
Recognizing real estate sales gains using the installment method is a popular way to defer taxation when seller-financing is provided.
Your home staging checklist:
Are all countertops clean and clear?
Have you removed unnecessary furniture throughout the house?
Is the refrigerator free of children's art and magnets? Check the bathrooms
Are the surfaces clean and clear?
Are shower curtains clean and hung properly?
Is the flooring clean and fresh?
Are towels neatly hung? Check the walls
Is paint and wallpaper fresh and clean?
Are the walls free from cracks and holes?
Is there anything on the walls that need to be removed? Check the floors
Is the carpet clean and free from stains?
Are hard surface floors clean and free from stains? Check the windows
Are all the windows clean?
Are draperies and blinds clean? Pet check
Remove any signs that this is a pet's home. Check the aroma
Air out the home prior to showings. Set the mood prior to showings
Open draperies and blinds.
Turn on the radio to a soft music station, set the volume low.
If you have time, bake a batch of cookies or muffins to create a warm, welcoming aroma.
Have you removed unnecessary furniture throughout the house?
Is the refrigerator free of children's art and magnets? Check the bathrooms
Are the surfaces clean and clear?
Are shower curtains clean and hung properly?
Is the flooring clean and fresh?
Are towels neatly hung? Check the walls
Is paint and wallpaper fresh and clean?
Are the walls free from cracks and holes?
Is there anything on the walls that need to be removed? Check the floors
Is the carpet clean and free from stains?
Are hard surface floors clean and free from stains? Check the windows
Are all the windows clean?
Are draperies and blinds clean? Pet check
Remove any signs that this is a pet's home. Check the aroma
Air out the home prior to showings. Set the mood prior to showings
Open draperies and blinds.
Turn on the radio to a soft music station, set the volume low.
If you have time, bake a batch of cookies or muffins to create a warm, welcoming aroma.
Friday, February 20, 2009
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