I am dealing with tax issues related to a 1099-C for the tax year 2012. I did not file a return because my only income was non-taxable Social Security. I was insolvent in 2012, with liabilities exceeding assets by over $900,000. I have completed the Insolvency Worksheet and part 1b and line 2 of form 982, but I can't figure out how it appears on my form 1040. If I report the forgiveness of debt and don't reduce it by the figures on form 982, I have a significant tax bill. What should I do?

April 27th, 2023

Do I need to report my IRA fair market value on my income tax return if I had no contributions or distributions?

October 12th, 2023

My wife and I owned a condo that we rented until 2016 and decided to sell it in 2017, which was sold at the end of October. I want to know if the mortgage interest and property taxes for the condo in 2017 are deductible on either the condo or our main residence.

August 9th, 2024

I am a U.S. citizen married to a foreigner in a foreign country. How should I file taxes, specifically married filing separately? My wife does not live in the U.S., and I live in Arizona. Are you familiar with community property laws, and does it apply in this situation?

May 9th, 2024

I have a question about under withholding penalty. If I have at least 90% of last year's liability withheld, will I avoid a penalty for this year's withholding regardless of how much I owe? Additionally, I plan to take a large IRA distribution that will significantly increase my taxable income this year. Is there a minimum required withholding for an IRA distribution, and if I withdraw funds and later decide to put them back, is there a time limit for doing so without tax implications?

December 25th, 2023