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Actually you subtract the deferred capital gain amount from basis of new asset. Make sure you attach statement detailing transaction and amount deferred.
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I am not sure you would break even doing it DKH way. You save at ordinary income tax rate with $3,000 capital loss per year. Then you turn around and pay income...
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I just got one in today with the EIC amount changed by the IRS. The letter said EIC was calculated wrong by the program or preparer. What the IRS did was use la...
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Why would utilities and home insurance normally be deductible on Schedule A? I must be new at this tax thing.
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Did you enter the 1098-T on the students return? Did you fill out the student info worksheet on the students return?
