I have a UTMA custodial account for my 18-year-old son who is going to college. Can a distribution from this account be transferred to another personal account to pay for his college expenses over the next four months?

February 6th, 2024

I am disabled and receive VA benefits. My problem is that I won $7,500 at an Indian casino, and they didn't take any money out for taxes. Do I owe taxes on my winnings? The VA benefits are our only income. We are both over 65.

June 22nd, 2023

I am self-employed and my S-Corp received commissions from various entities. Due to a non-compete agreement, a family member receives payments from one entity, who also works on commission basis with the same entity. The total commission from this entity was $25k for the tax year, with $5k going to the family member, $10k to the S-Corp, and $10k to a salesperson. The family member gets a 1099 for $5k, and the S-Corp 1099s the salesperson for $10k. How should we claim this income to avoid double taxation and potential audit confusion?

May 22nd, 2024

A 35-year-old single (never been married) female is considering fertility preservation treatments, also known as "egg freezing". She does not know of any fertility problems as she has never tried to get pregnant. She itemizes on Schedule A. Do these expenditures qualify as medical deductions on Schedule A? It would be both treatment costs ($8,000) and drug costs ($4,000).

January 6th, 2023

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