My husband is listed as the annuitant on an annuity owned by his former government employee. The company wants to change ownership to my husband, but the insurance company states it will create a taxable event for him. Is this correct, and why can't my husband, who is the annuitant, receive payments directly from the insurance company?

September 1st, 2024

I placed an asset in service in 2022 for $20,000. I paid half of it before year-end and the other half early 2023. I’m on a cash basis. However, the asset was fully in service in 2022. Can I deduct 100% of the cost in 2022 using Section 168 (bonus depreciation)?

December 29th, 2023

I mailed in my amended tax return for 2018 to the IRS in 2020 and filed another amended return for the same year in 2021, but I haven't received any response. What should I do?

July 6th, 2024

I am trying to qualify for another mortgage loan and want to make sure that when I report my rental income on my taxes, I report the correct amount to stabilize my debt to income ratio. My lender suggested not reporting any expenses on the property to show a higher income, but I am unsure if this is correct. Do I need to file a 1040 Schedule E form and submit it to the IRS, or is it fine if I just report it on my taxes?

July 18th, 2024

I have a question about capital gains tax from investments. I made an amount of money up to 405,138 euros, and from that amount, the company told me I have to pay tax on the 275,038 euros. I am a non-UK resident, and the HMRC hasn't sent me any letter confirming the amount I owe. How does capital gains tax work, and how can I verify if I really owe this amount?

January 20th, 2023