Tuesday, June 22, 2010

Questions for the Tax Lady: June 21st, 2010

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: When does the 10% tanning tax take effect?

According to IRS guidelines the tanning tax is due to take effect on July 1st, 2010. For more information check out this blog entry I posted last week on the subject.

Question #2: Do I need to report the sale of a second home?

Yes. The IRS considers a second residence a capital asset. You will need to complete Form 1040, Schedule D to report sales, exchanges, and other dispositions of capital assets.

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