Selected Questions

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15. Five years ago, I received stock options from my company that I can now exercise. When I exercise these options, are they considered a long-term capital gain or are they considered regular income and taxed accordingly? Assuming the options were granted by the employer under a "qualified" incentive stock option plan, income would not be recognized until the stock received on exercising the option is sold.

It's income tax season, and again this year The Sun and the Maryland Association of Certified Public Accountants will offer readers help on state and federal income tax returns. Association members, all CPAs, will answer selected questions from readers over the ensuing weeks until the April 15 filing deadline.Readers may submit questions by recording them on Sundial. Please be sure to state your question in full. Selected questions and answers will appear in the Business section of The Sun.Although not required to do so, callers are encouraged to leave their names and phone numbers should questions need to be clarified.

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: If someone is receiving Social Security benefits, but you still provided more than half of their support, can you still claim them?A: Yes. To claim people as dependents you must furnish more than half of their support. In determining whether you furnish more than half of a dependent's support, you must compare your contribution with the support the dependent received from all sources.