During a divorce settlement, I paid my ex-spouse a lump sum from the company account and she transferred back her shares of the company to me. Since the money I paid her is before-tax money from the company, do I or she have to pay tax on that amount of money? How should I report this transaction on our tax returns?

March 13th, 2024

I live in Louisiana and am named in an inheritance worth 1.1 million, divided among 11 people. Will I have to pay any taxes on my share, especially if it comes from a 401K and an IRA account?

September 16th, 2023

I lost both my new Medicare card and Social Security card. How do I get replacements?

June 20th, 2024

Can the costs associated with feasibility and research studies on real estate development, which have been capitalized in previous years, be expensed if the investors decide not to proceed with the projects? Specifically, can the costs be written off for LLC A, which is liquidating and distributing funds back to investors, and for LLC B, which has spent money on projects that never advanced beyond the feasibility stage but has also had one successful project?

September 30th, 2024

My husband passed away in 2017. We are just getting around to filing our 2016-2017 taxes. In 2016, he rented his truck out and received a 1099-Misc with $13,600 in box 1 for rent. The rest of our income for the year was $1,500 I received from SSA and $7,000 taxable income he received from cashing out a life insurance policy (1099-R). Because of this, we owe $0 income tax but $1800 is Self-Employment taxes. Can I file as married filing separate that year to avoid these taxes with him being dead? I only make $15,000 a year from SSA and almost $2,000 seem unreasonable when I wasn't self-employed.

October 28th, 2023