asked
A client sells deals with vendors like utilities and cell phone service, and she markets her business by driving around town and visiting places like taco shops to chat with prospective clients. While at a taco shop, she buys a taco for her own lunch. Can she write off the cost of the taco as a business expense?
March 11th, 2023
Last year, I used TurboTax to file Schedule E for my rental property, but this year, I am renting an apartment in assisted living. I was told I need to figure out the depreciation on my rental property. Can I do this online, and if so, how should I proceed?
November 15th, 2024
I had a personal property loss from a fire that was greater than my income. You mentioned NOL (Net Operating Loss). Is the NOL still applicable since the loss was personal property and not business related?
October 14th, 2023
My wife passed away in August, and I closed her annuity account as the beneficiary. I paid tax on the interest earned. In Georgia, my wife was eligible for retirement income exclusion, but I am not. Can I apply the earnings to her retirement exclusion when filing this year's joint tax return as a surviving spouse?
September 9th, 2024
I have a HELOC that was partially forgiven, and I received a 1099-C. I no longer own the home; it was sold in a short sale in 2009. The majority of the HELOC money was reinvested into the house, and they forgave a little over $77k. Do I owe taxes on this?
June 28th, 2023
My wife died in 2015 in the state of Washington, a community property state. I filed a joint return for 2015 and paid off her credit card debts at a reduced rate. Now I've received a 1099-C form under her name for $13,500. Should I file a 1041 for her as an estate return or include half of the 1099-C amount in my single return? The estate is solvent, and there is no probate or other debtors. Half of the community assets exceed her debts, which I paid off.
November 29th, 2023