Tax Day Is Here

[bandycpa]

Don't forget that today is April 15th.

If you've already gotten your return ready, make sure it's mailed out (or e-filed) no later than today. If you're not ready, be sure you have filed for an extension. Late filing penalties are no fun.


Bandy

[Kyobanim]

Here's a question for you tax gurus. My mother in law lives in my garage. (don't worry, I put sand onthe oil stain)

Can I claim her on my taxes? She's 72 on SS medical problems out the wahoo

[JAGO]

Here's a question for you tax gurus. My mother in law lives in my garage. (don't worry, I put sand onthe oil stain)

Can I claim her on my taxes? She's 72 on SS medical problems out the wahoo

Kyobanim,

I don't claim to be a guru and I suggest you talk with a professional, but it is possible, provided:

The person cannot be your qualifying child or the qualifying child of any other taxpayer.
The person either (a) must be related to you in one of the ways listed under Relatives who do not have to live with you, or (b) must live with you all year as a member of your household2 (and your relationship must not violate local law).
The person's gross income for the year must be less than $3,650.3
You must provide more than half of the person's total support for the year.4


Check out IRS Pub 501

http://www.irs.gov/publications/p501/ar02.html#en_US_publink1000220868

For general tax quations start with IRS Pub 17 and work from there

http://www.irs.gov/publications/p17/ch03.html

Hope this helps....I HATE :eek: tax day
v/r
phil

[bandycpa]

Here's a question for you tax gurus. My mother in law lives in my garage. (don't worry, I put sand onthe oil stain)

Can I claim her on my taxes? She's 72 on SS medical problems out the wahoo

Kyo,

JAGO gave some good info there, and those links are invaluable for anyone having general tax questions they want to research on their own.

The usual sticky questions on these points are the support test and the gross income test. With the support test, for a qualifying relative, you have to provide more than 1/2 of their support for the year. And, you have to consider their support from all sources.

With the gross income test, gross income means income that is taxable. Certain social security benefits are *not* taxable, and therefore would not count as gross income. Determining whether (and how much of) her social security is taxable is another sticky issue that needs to be addressed in conjunction with her other income.

In other words, call your tax professional before you do this, but it can be done.

Pets as dependents are out however.


Bandy

[Kyobanim]

Cool, thanks for the leads.

[Sacamuelas]

In other words, call your tax professional before you do this, but it can be done.


aHHHH.. One of my favorite aspects of the current system. Isn't it just GREAT that we have to pay someone to tell us how to PAY the government? :D

[bandycpa]

aHHHH.. One of my favorite aspects of the current system. Isn't it just GREAT that we have to pay someone to tell us how to PAY the government? :D

Tax complexity itself is a kind of tax. ~Max Baucus :D

[The Reaper]

Here's a question for you tax gurus. My mother in law lives in my garage. (don't worry, I put sand onthe oil stain)

Can I claim her on my taxes? She's 72 on SS medical problems out the wahoo

Your MIL leaks oil?

Any money in that these days?:D

TR

[Kyobanim]

Your MIL leaks oil?

Any money in that these days?:D

TR

Why do you think I keep her in the garage?