About NancyM5

Employee Tax Expert

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Hello! I'm a CPA with over 30 years tax preparation experience. When not answering tax questions or preparing a return, I love to work in my garden!

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Re: Minimum estimated Tax Payments for hard to predict income

My colleague@marctugave some great information. Let me give you another way of looking at the situation. Estimated payments are made 4 times per year: April 15t...

NancyM5

Updated Aug 30, 2023
Re: Taxes required after selling a rental/investment home

If you have not lived in this home for two out of the last five years, then any gain on the sale would be treated as long-term capital gain. And you would not q...

NancyM5

Updated Nov 16, 2022
Re: Tax implications of a house fire

The amount of your loss is the decrease in the fair market value of your property ($775,000) or your adjusted basis in the property ($290,000) whichever is less...

NancyM5

Updated Nov 16, 2022
Re: How do I file

If you husband has income outside of his disability and military income, you may find the best way to file your Hawaii return would be as married, filing separa...

NancyM5

Updated Nov 16, 2022
Re: Does the estimated tax calculation contemplate AMTs?

This is the link to our tax calculator:Tax Calculators and Tools. The AMT exemption amount for 2022 is $118,100 for married taxpayers filing jointly. And the si...

NancyM5

Updated Nov 16, 2022

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Date Registered	‎September 9, 2021 7:40 AM
Date Last Visited	‎May 29, 2024 10:20 AM
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