My mother wants to use a quitclaim deed to transfer ownership of her primary residence to me, her son. My father recently passed away. My mother is the owner of the home and there is no mortgage. They paid $10,700 for it in 1970 and the fair market value of the home is now $65,000. If I take ownership of this home via a quitclaim deed, will I owe capital gains tax when I sell the home or any other tax? (I plan to sell the home within one year)

May 23rd, 2024

I have a 1098-T form with an amount in Box 4. I need to understand if this requires recapture and how it affects the American Opportunity Credit (AOC) taken in 2014. Parents are claiming the student as a dependent and took the AOC in 2014 for $1500 on Form 8863 Line 50 of 1040 and $1000 on Line 68. In 2015, there is an amount of $1,415 in Box 4 of the 1098-T.

March 16th, 2024

My daughter received a 1098T form from her college. It is a full ride scholarship including room and board. Do I as a parent claim the credit? I was told that possibly the student has to pay taxes on the room and board portion. She has not worked as of yet so has never filed taxes.

March 19th, 2024

Six years ago, I sold my vacation home and self-financed the sale. The buyers received permanent financing in 2015 and paid off the balance. How should I account for the payment in my 2015 tax return?

March 23rd, 2023

I am preparing my 2015 tax return in the US. I was in J1 status during 12/2008-04/2010 and again during 09/2012-10/2015, then changed to H1B in 10/2015. My institution told me I was a resident in 2013 and 2014 but a non-resident in 2015 due to the status change. I need to know how to correctly file Form 8843 and whether I should consider myself a dual-status alien for 2015.

August 14th, 2023