Show Federal Tax Questions Are Answered by IRS This column of questions md and answers on nn tax mat mat- matters is by the local office of- of office fice of the US UC Internal Re Re- Re Revenue venue ScrY Service re Q how lIo long do I have to hold stock before I can treat profits made on it as a long long- I term capital gain A The pro pro- profits profits fits on the sale of stock or other capital assets held more than sl six months are treated as long long- term capital gains Q I pay someone to look after my children until I get home from work Can I deduct this expense A Child care ex- ex expenses ex may be deducted when certain conditions are met Be sure to check the instructions that come with the tax forms They explain what you have to todo todo do to qualify for this deduction Q My 1 wife ex-wife has custody of our children but I claim them themas themas as dependents Do I still take their withholding exemptions A Yes you can if they qualify as your dependents Generally the withholding exemptions are the same as the exemptions that will be allowable on your our income tax return |