The 1099 form is just the starting point for reporting cancellation of debt income. This is one time that hiring a professional tax return preparer who is familiar with the rules can be a worthwhile investment.
New federal partnership Form 1065, Schedule B-1 about partnership ownership is required for 2009 partnership income tax returns. In family partnerships, many partners could show up to 100% ownership because of "attribution rules".
Same sex married couples have different income tax filing status in California and other states. Michael Gray interviews Professor Patricia Cain of Santa Clara University for the details.
Starting with 2009 federal income tax returns, taxpayers will be required to attach certain documents in order to claim the New Homebuyer Credit. A new credit of up to $6,500 is available to taxpayers who have lived in a residence for more than five years, but they might have trouble finding documents to prove their residence during the five-year period.
Taxpayers can choose whether to deduct certain donations paid in 2010 to US Charities for Haiti earthquake relief on their 2009 or 2010 income tax returns.
Michael Gray, CPA interviews attorney William Mahan about tax and financial considerations of holding title on this week's episode of the public access television series Financial Insider Weekly.