How do I calculate and pay taxes on a house I just sold? I sold the house for $186,000 and spent $90,000 on upgrades. Do I pay taxes on the full sale price or just the profit?
March 2nd, 2023
I am 70 years old and withdrew my entire traditional IRA of $46,000 last year for home repairs. I did not withhold taxes on the withdrawal. Must I pay taxes on the entire $46,000 as income this year?
January 26th, 2024
I am preparing a tax return that includes reimbursed moving expenses. I am trying to fill out form 3903-Moving expenses worksheet, but the wording is confusing to me. I would like to chat with someone who is experienced with reimbursed moving expenses that were added to the employees wages (including the taxes that were paid to a third party(Fed,Fica,Med,Mass). The only item in box 12 Code P I was told was for meals. I think I know how this should be recorded, but the 3903 worksheet does is not giving me the numbers I would expect.
December 16th, 2023
I just realized I was not able to report one W2. I am supposed to get a refund. Should I amend my tax return now or should I wait for IRS's notice?
February 17th, 2023
How do I change the bank account my wife's social security check gets deposited into from a savings account to a checking account?
October 25th, 2023
I had $150,000 in a China bank account 2 years ago and forgot to include this in my last year's tax return. I lost $50,000 in the past two years. Do I get a penalty for not reporting this asset on my last year's tax return, and can I get a tax deduction for the investment loss incurred in this account?
November 9th, 2023