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Tax Return for a Dependent Child

Posted on August 30, 2012 (Updated: August 30, 2012)

Who are dependent children? Children can be claimed as dependents provided that they meet one of the following categories: Under age 19 at the end of the year Under age 24 at the end of the year and a full-time student Permanently disabled at any age To claim an exemption for a dependent child, the taxpayer must […]

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Depreciation Recapture

Posted on August 28, 2012 (Updated: August 30, 2012)

Depreciation reflects the recognition that certain assets tend to lose value over time. The IRS generally allows you to categorize the “used up” value of your assets as an expense to offset ordinary income so that special rules should be in place to treat any future gain as well. Depreciation recapture rules have been there […]

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