Can I Deduct My Farm Income Expense for Utilities?

Enter amounts you paid for gas, electricity, water, and other utilities for business use on the farm. Do not include personal utilities. You cannot deduct the base rate (including taxes) of the first telephone line into your residence, even if you use it for your farming business. But you can deduct expenses you paid for your farming business that are more than the cost of the base rate for the [...]

Estate

Form 1116 Foreign Tax Credit (Individual, Estate, or Trust) , File Form 1116 to claim the Foreign Tax Credit if: You are an individual, estate, or trust and You paid or accrued certain foreign taxes to a foreign country or U.S.possession. See Form 1116 for more [...]

Form 8582 Passive Activity Loss Limitations

Purpose of Form Form 8582 is used by noncorporate taxpayers to figure the amount of any passive activity loss (PAL) for the current tax year and to report the application of prior year unallowed PALs. A PAL occurs when total losses (including prior year unallowed losses) from all your passive activities exceed the total income from all your passive activities. Generally, passive activities [...]

Form 4972 Tax on Lump-Sum Distributions

Purpose of Form Use Form 4972 to figure the tax on a qualified lump-sum distribution (defined below) you received in 2020 using the 20% capital gain election, the 10-year tax option, or both. These are special formulas used to figure a separate tax on the distribution that may result in a smaller tax than if you reported the taxable amount of the distribution as ordinary income. You pay the [...]

Who Should File Form 6198 (At-Risk Limitations)

At Risk Limitations Form 6198 is filed by individuals (including filers of Schedules C, E, and F), estates, trusts, and certain closely held C corporations described in section 465(a)(1)(B), as modified by section 465(a)(3). File Form 6198 if during the tax year you, a partnership in which you were a partner, or an S corporation in which you were a shareholder had any Amounts Not at Risk [...]