My husband and I got married in 2010. He owned a rental property prior to our marriage and did a deed in lieu of foreclosure in 2011. I own a primary residence in my name only. We will receive a form 1099-C and be responsible for the deficiency debt. Should we file our taxes as "Married Filing Separately" so my husband can claim insolvency? What assets must we list for my husband on the insolvency worksheet? We own two cars in my name, have a joint bank account, a savings account in my name only, and I have an IRA. Do we have to list half of the value of the cars, joint bank account, savings account, and my IRA under my husband's assets? We live in Tennessee.

February 4th, 2024

My sister's divorce is supposed to be final, but she has found out that her ex-husband owes over $140K in taxes from cashing in a 401K without paying taxes. She had agreed to file jointly but now wants to file separately. Is she able to file separately, and if so, what are the implications, especially since she lives in a community property state like Washington?

December 10th, 2023

I have owned property 1 for 5 years and it has appreciated considerably. I want to sell it to avoid capital gains. Can I do a 1031 exchange to buy property 2 (assuming no appreciation), then sell property 2 without paying tax? Is there a time limit for holding property 2 before selling it?

August 12th, 2023

I was issued restricted stock awards in late 2015. The company was sold in October 2018. Is this a long-term or short-term gain according to the IRS for tax year 2018? My gain was substantial and it makes a big difference between short term and long term.

December 24th, 2024

How much tax will be on an Adjusted Gross Income (AGI) of $11,000 for the current tax year?

February 25th, 2024