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Schedule C - Cost of Goods Sold

If your business produces income by manufacturing, selling or purchasing goods, you can deduct some of your expenses in the Cost of Goods Sold section of your Schedule C. In order to complete this section, you will need to input your...

Wisconsin Addition or Subtraction From Income - Differences in Federal and Wisconsin Basis of Assets

You may need to add or subtract if there is a difference between the federal basis and the Wisconsin basis of your property. Enter the additions in the Addition to Income section and the subtractions in the Subtraction from Income section...

Wisconsin Addition or Subtraction From Income - Differences in Federal and Wisconsin Basis of Partnership Interest

An addition or subtraction may be necessary if you sold your interest in a partnership and any increases or decreases were made to the federal basis of your partnership interest in taxable years prior to 1975, which resulted from...

What is a HUD-1 Statement?

Below is a helpful table of typical tax treatments of major line items from your HUD-1 statement. However, there may also be certain items that are treated differently depending on your particular tax situation. A notation of "basis" refers...

How do I report the Sale of Timber?

by going to Federal Section > Income (Enter Myself) > Other Income > Other Income Not Reported Elsewhere. Determining Your Cost Basis: General rules apply for determining the cost basis as calculated by the IRS. Your basis is usually...

1099-B: Proceeds from Broker and Barter Transactions

or exchange Box 1D Sales Price- The cash proceeds reduced by any commissions or transfer taxes related to the sale Box 1E Cost- The cost or other basis in the securities (original price) Box 1G Adjustments- Amount of nondeductible loss in a wash...

Depreciation- Understanding the Basics

Depreciation is a tax deduction that allows the taxpayer a way to recover the cost (or other basis) of certain types of property. The deduction allowance is calculated annually for the wear and tear, deterioration or obsolescence...

Rents and Royalties Schedule E % of Ownership and Depreciation

using MACROS 27.5 years depreciation for the time they own the property. Depreciation is the annual deduction you must take to recover the cost or other basis of business or investment property having a useful life substantially beyond...

Georgia Clean Energy Property Credit

to 35% of the cost of the system (including installation). The credit is subject to various ceilings depending on the type of system. Before claiming the credit, the taxpayer must submit an application to the Georgia Department of Revenue...

How do I enter a Wash Sale with TaxSlayer?

and because the purchase was of substantially identical stock, the loss would be a Wash Sale. Report this Wash Sale as follows: First Entry Description of Property: Dell Stock Date Acquired: 01/01/2013 Date Sold: 5/5 Sales Price: 300 Cost: 500......