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

I am filling out Form 4797 for the sale of a rental property. I have been taking depreciation for the last 4.5 years on Schedule E, totaling $25,450, including $4,550 for 2017. What amount should I put on line 2(e) for depreciation? Additionally, where should I report the original cost of the property, sale expenses, and passive losses from previous years?

July 11th, 2023

In 2017, I rolled over an employee-based 401K and Savings account to an IRA and a Roth IRA. The 401K was all pre-tax investments, while the Savings account included post-tax employee contributions and pre-tax company matching and earnings. During the rollover, all pre-tax funds were directed to the IRA and all post-tax funds to the Roth IRA. However, the Roth IRA transfer included pre-tax company matching and earnings, resulting in a 1099R statement showing 45% of the Roth IRA transfer as taxable. My tax advisor says I won't have to pay 2017 taxes due to Box 7 showing a 'G' entry, indicating a direct rollover. Why would Company A and Company B think only post-tax funds should go to the Roth IRA, and should I be concerned about paying taxes on the 45% of the funds?

November 18th, 2023