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Form 1099-A : Acquisition or Abandonment of Property

debt. The tax consequences of abandoning property depend on whether or not your were personally liable for the debt. Losses on acquisitions or abandonments of property held for personal use are not deductible. For More Information on 1099-C...

New Mexico Modified Gross Income

for yourself, your spouse and your dependents. You may not reduce MGI by deductions or offset MGI by losses allowed for income tax purposes under the New Mexico Income Tax Act or under the Internal Revenue Code. When calculating MGI, include...

Section 179 Deduction Limitations

in the management or operation of the trade or business. In general, figure taxable income for this purpose by totaling the net income and losses from all trades and businesses you actively conducted during the year. Net income or loss from...

Kentucky Subtractions from Income

in the gains (losses) from the sale of intangible assets amortized under the provisions of the Revenue Reconciliation Act of 1993; differences in gains (losses) from assets purchased after September 10, 2001; and income of military personnel...

Oklahoma Additions to Income - Schedule 511-B

The gain/loss from the sale of a state or municipal bond, other than those provided for in line 1, is exempt only if so provided by the statute authorizing its issuance. Out-of-State Losses If you incurred losses from the operation of an out...

Who qualifies to deduct expenses in the section for Reservists and Performing Artists?

away from home in connection with your performance of services as a member of the reserves in the section for Reservists and Performing Artists. These reserve-related travel expenses are deductible whether or not you itemize deductions. Fee...

What type of business do I have to own to qualify for the Self-Employed Health Insurance Deduction?

employment for the year reported on Schedule K-1 (Form 1065) For more information on Deductions Related to Medical Expenses click here ....

Foreign Taxes NOT Eligible for a credit?

to periods totaling more than 366 days. See section 901 (k)(3) or Publication 514 . 4. Foreign taxes withheld on a dividend to the extent that you have to make related payments on positions in similar or related property. 5. Foreign taxes...

What is the difference between "Direct Expenses" and "Indirect Expenses"?

There are 2 types of expenses that you can deduct related your home office/business: Direct Expenses and Indirect Expenses. Direct Expenses: Direct expenses are those expenses that are paid only for the business part of your home...

Adoption Credit and Income Phaseout Amounts for Prior Years

adoption expenses in a later year related to that adoption or adoption attempt, you cannot increase your carryforward amount in a later year. The following table shows the maximum dollar limitation and modified adjusted gross income phase...