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Basis of Assets

CLG Professional Services
June 22, 2011
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Basis is generally the amount of your investment in a property for tax purposes. Use your basis to figure depreciation, amortization, depletion, casualty losses, and any gain or loss on the sale, exchange or other disposition of the property. The basis of property you buy is usually its cost. The cost is the amount you pay for it in cash, debt obligations, and other property or services. Cost includes sales tax and other...

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Home Mortgage Points

CLG Professional Services
June 22, 2011
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The term "points" is used to describe certain charges paid to obtain a home mortgage. Points are prepaid interest, and may be deductible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A. If you can deduct all of the interest on your mortgages, you may be able to deduct all of the points paid on the mortgage. If your acquisition debt exceeds $1 million or your home equity debt exceeds $1,000,000, you...

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Extensions of Time to File Your Tax Return

CLG Professional Services
June 22, 2011
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There are three choices for filing Form 4868, Application For Automatic Extension of Time To File U.S. Individual Tax Return: 1) electronically (such as by computer), 2) by paying part of your tax due with a credit card through an outside service provider listed on the form, or 3) by mail. If you file your Form 4868 electronically you will receive an acknowledgement or confirmation number for your records and you do not need to...

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