I am working on a trust return with depreciation on a residential rental. The program wants to pass this through to the beneficiaries, which I think is right, but did not do this the prior year. This is the final year, and I am not sure how to present it. Should the depreciation be part of the final year line rather than separately stated on line 9 of the K/K-1?

January 7th, 2024

I own a business. After a terrible storm on January 20th, my office flooded and I lost everything, including all electronics, paperwork, records, and files. I have a state audit scheduled for tomorrow but have no records to show. What should I do?

June 6th, 2023

I have $125,000 in a rollover account from a previous employer, invested with Vanguard. I am 58 years old and recently awarded Social Security disability. Since being determined disabled, will I be able to use any of the $125,000 without the 10% penalty?

September 14th, 2024

I have a health insurance policy for which I pay premiums. Are claims paid on this insurance taxable?

July 21st, 2023

How long should annual tax reports and other important documents be saved, and which documents should be kept indefinitely until a person dies?

July 5th, 2023