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What CAN and CANNOT be deducted as a Casualty or a Loss?

, trees, etc.) caused by termites, moths, other insects, or disease What about Insurance or other reimbursements? If the amount you receive in insurance or other reimbursement is more than the cost or other basis of the property, you have

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: 01/01/2015 Date Sold: 05/05/2015 Sales Price: 300 Cost

Rents and Royalties Schedule E % of Ownership and Depreciation

using MACRS 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

What is "Qualified Production Activities Income (QPAI)"?

Income from incidental or outside sources (including sales of business property) Gross receipts are generally not reduced by the cost of goods sold or adjusted basis of property (other than capital assets) sold or otherwise disposed

What is the Service Fee for Prior Year Returns?

In order to offer storage and printing of prior year federal and state returns for our users, a one-time annual service fee of $4.95 will now be charged on a per account basis to be able to view, save and print prior year

SC Other Additions to Income

interest to out-of-state partnerships and interest paid to purchase United States obligations. Foreign areas allowances, cost of living allowances and/or income from possessions of the U.S. are additions to federal taxable income. Effective

2015 Standard Mileage Rates

in calculating reductions to basis for depreciation taken under the business standard mileage rate and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan. The optional

New York Other Additions

from that sale or disposition; and • you had included the cost of the energy system in the federal basis of the property but did not reduce the federal basis by the state credit, then enter the amount of the credit you had previously claimed

South Carolina Additions to Income

return related to any income exempt or not taxed by South Carolina is an addition. Some examples are investment interest to out-of-state partnerships and interest paid to purchase United States obligations. Foreign areas allowances, cost

Ten Important Changes for Taxpayers for filing year 2011

31, 2011 The standard mileage rates for the cost of operating a vehicle for medical reasons or a deductible move: 19 cents per mile from January 1, 2011 to June 30, 2011 23.5 cents per mile after July 1, 2011 to December 31, 2011