The IRS Deductions Blog

Archive for the ‘Sales Tax Deductions’ Category

Items on Amazon Right Now for Irs Sales Tax Deduction Table:

Question: Tax Deductions for a former RE agent?

I was a real estate agent at the beginning of the year of 2009, but unfortunately due to the slow market, I made no sales but racked up a ton of related bills. I understand that these things are tax deductible, but I made no income from my brief time there. Am I still eligible for any deductions seeing as how I made no income from the job and still had to pay bills and taxes, etc. Thanks in advance for any and all pertinent answers.
To clarify, I only started as an RE agent this year and since I made no headway I had no choice but to find a new job in order to recoup my losses incurred while being an RE agent.

Answer: If you had income last year from being an RE agent, the IRS is going to understand if you had no sales this year.

In fact, if you have substantial negative income, you may have a Net Operating Loss that you can carry back to prior years.

Items on Amazon Right Now for Sales Tax Deduction 2009:

Michael Mille & Jesse Duplantis Using Church Funds For Personal Gain (Lee Zurik Investigation)

Question: in the state of ohio are the sales taxes paid tax deductable for 2010 on a used car?

We purchases 3 vehicles and paid the sales tax for each of them. They were used vehicles but the taxes were over $3,000.00. Is there a tax deduction for this in the state of ohio?

Answer: If you itemize you can take the greater of sales tax or state income tax.

Items on Amazon Right Now for Sales Tax Deduction For Vehicle Purchases:

Senate Session 2011-06-30 (12:44:54-13:47:59)

Question: Rental (Loss) deduction at time of sale – Is it tax deductable?

Lets say I bought the property for $100k, rent it out for 2 year and then sell it for the same price at the end of the year for $100k. That year, I took $7k of depreciation, total rental loss of $10k carried forward (real rental loss before depreciation of $3k). Thus, my real gain/loss at time of sale is ($100k – $7k of depreciation – $10k total rental losses carried forward) = -$3k losses. Is this loss of -$3k upon of sales deductible somewhere on my tax return?

Answer: What depreciation did you take the first year you rented the house? Let’s say you took $3,000 depreciation the first year and $7,000 the second year (although in fact those numbers are not right).

Anyway, if there were no other changes to the basis of the property, your adjusted basis in the house is $100,000 minus all depreciation taken up to the sale. So in this example, your adjusted basis is $90,000.

If you then sell the house for $100,000 (assuming this is the amount realized without any other additions or subtractions), then you have a capital gain on the house of $10,000 and report this gain on Schedule D via Form 4797.

The operating loss on the house of $3,000 does not figure into the capital gain or loss on the house. The operating losses offset other gains or are carried forward.

Finally, let’s suppose you sell the house for $80,000 instead of $100,000. You now have a capital loss on the sale, and that capital loss can offset gains or be carried forward.

Items on Amazon Right Now for Sales Tax Deduction Tax Return:

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Question: can i deduct some itmes from prior year(2008) in my 2009 tax return?

my prepare last year made me loose some deductions by not itemizing my items ( general sale tax[2 cars that i bought]. can i idemized them this year?

Answer: Dear Roger: You must claim items in the year paid. So you can not claim items from last year on this years return.

In order to claim the missed items you will need to amend last years return. You have 3 years to get that done.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

Items on Amazon Right Now for Sales Tax Deduction 2008:

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CALGARY, ALBERTA– – Computer Modelling Group Ltd. is pleased to report our financial results for the fiscal year ended March 31, 2011.

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