We purchased a Ford F150 mid-2022 and recently traded it in for a new vehicle, receiving about $30K less than we paid. The fair market value at the time of trade-in was $5-8K higher than we received. Can the loss be reported as this is an 'asset'?

February 5th, 2024

If someone leaves you money in an IRA, do you have to pay taxes on it, and what is the percentage of taxes that will have to be paid if you take the entire lump sum to pay off your house?

August 25th, 2023

I received a CP14 notice stating I owe taxes for my 2018 return, which I didn't expect due to the Earned Income Credit (EIC). I followed the instructions to have the IRS calculate the EIC, but they didn't address it in their notice, only acknowledging my income and adding penalties and interest. What should I do to resolve this issue and avoid further penalties?

May 18th, 2023

I had an option on 100 acres of farmland in Wisconsin since 2006. I have since sold that land and after paying off the original landowner received $355,000 in cash. Will this be treated as long or short term capital gain? Also, I own 7 acres with farm buildings. I am now repairing the buildings which needed some work. I also have some livestock. My personal income is below $20,000 (self-employed for over 25 years). I will be spending over $35,000 fixing up several buildings including the barn. Can I expense this all for 2012? Also, what else could I expense against this gain?

March 1st, 2023

Can I take money from a 401k at age 58 without penalty if I separate from the company without doing a lifetime stream?

April 21st, 2024