My wife and I will file 'married filing separately' because I am in the 35% tax bracket and she is in a much lower bracket. Are there rules about how we must split itemized deductions like donations to Goodwill and property taxes, or can we split them as we desire? Do we have to figure out who 'owned' what of the donated items, or prorate property taxes if the house is in both names? We are Florida residents, which is not a community property state.

October 12th, 2023

Would the owner of a scrap metal business be required to generate a 1099 for a transaction in which he purchases more than $600 worth of metal? I understand that the payment is income to the seller and must be claimed, but that isn't the same as requiring a 1099. Also, I have looked at the IRS auditor's guide for scrap metal businesses and it makes no mention of requesting copies of 1099s, at least not in this context. It speaks only in general terms of "adequate substantiation" of purchases, i.e., weight tickets and cash slips.

July 17th, 2024

If a 72-year-old widow who collects social security on her late husband's account gets married to a 75-year-old widower, will she still be able to collect social security on her late husband's account?

September 28th, 2023

Can I deduct 'ad infinitum' malpractice tail coverage paid in 2007 on my 2006 taxes given that it's a business expense incurred from a business that ended in 2006?

September 8th, 2023

I drive 100 miles to stay with my handicap mom every two weeks. Is the mileage deductible, and where does the mileage go?

January 16th, 2024