tax shelters 2008
2008 Tax Question 18 yr old lives at home and works FT?
My 18 yr. old child lives at home, works full time, and earns as much as I do! I understand that to claim him requires I would have to pay half his support. The worksheet was not helpful since I only provide shelter and some meals. Could my support exceed $10,000 for shelter/meals?
The support test does NOT require you to provide more than half of his support. The support test is met as long as he doesn’t provide more than half of his OWN support.
You don’t compare your income to his. You compare the support that he provides for himself to the total cost of supporting him. That includes the rental value of your home, all utilities, food, clothing, medical care, education, etc. The money that he spends on “booze and broads” does not count as “support” that he provides for himself.
BC 11-17-2008 BCAS, TAX Freeze and Wheel Tax (Part 2)
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60 Minutes – Howard Hughes (June 8, 2008) $17.95 Airdate 06/8/08 Howard Hughes was once the world’s wealthiest man, and the charity he set up in his name is among the richest in the world. The Howard Hughes Medical Institute was founded to give the reclusive billionaire a much-needed tax shelter. It has gone on to become a leading medical research institute with a long list of Nobel Prize winners. Lesley Stahl reports.This product is manufacture… |
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Notice 2008-111: recent guidance on intermediary transactions.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 2009. The length of the article is 1743 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Notice 2008-111: recent guidance… |
