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How long should I keep tax records? These records may have to be produced if IRS (or a state or local taxing authority) was to audit your return or seek to assess or collect a tax. In addition, lenders, co-op boards, or other private parties may require that you produce copies of your tax returns as a condition to lending money, approving a purchase, or otherwise doing business with ... Read More... What records should I keep related to charitable contributions? While all contributions must be substantiated, contributions of $250 or more require a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. General rules. For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written ... Read More... Do I have to report gambling activities? Yes, gambling activities are reportable. Taxpayers often run into tax difficulties in this area. This is because gambling winnings are fully taxable, while gambling losses aren't simply offset against the winnings. Briefly, your winnings must be reported on the "other income" line on the front page of your tax return. To measure ... Read More... Can I deduct the costs of meals or entertainment expenses? This type of expense requires you to jump through several extra hoops to qualify as deductible and is subject to limitations. Nevertheless, if you pay careful attention to rules outlined below, the expenses should qualify as deductible. (1) Ordinary and necessary business expenses. All business expenses must meet the general deductibility r... Read More... What are the tax ramifications of my parent entering a nursing home? You've asked me to advise you whether amounts paid for long-term medical care including amounts paid to the nursing home are deductible, whether insurance premiums covering the cost of long-term care including nursing home expenses (for the part of the year before your parent enters the nursing home) are deductible, and whether the gain on the sale... Read More... 1 2

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