My husband filed for divorce and is requesting that I date the divorce after Jan. 1st, 2014 so that he can file taxes jointly and benefit from the losses of my business. I made no money this year but have accumulated debt of about $11,000 for business equipment. Should I file jointly with him and use the debt this year, or wait to use the debt on future tax returns when my business makes money? If I file with him to help him avoid owing taxes and he receives a tax refund because of my losses, am I entitled to 100% or only the $11,000 that covers the debt?

September 13th, 2024

I am an American citizen living in Argentina and want to create an LLC in the US as a non-resident. Some companies offer to create an LLC for me, providing a virtual office in the US and helping with all the paperwork. Considering I have not filed 1040 forms since 2001 and due to the Foreign Earned Income Exclusion, I don't owe any money to the IRS, are these services reliable, and is it safe for me to create an LLC?

February 5th, 2023

I am 67 years old and my only income is Social Security of approximately $12,000 per year. I have Iraqi notes that are expected to revalue, potentially worth $2,000,000. What is the capital gains rate for someone like me in the lowest tax bracket, and how would my taxes be calculated if I have a capital gain of $2,000,000 plus my Social Security income?

March 31st, 2024

I got married in July this year but forgot to update my marital status with my employer. My paychecks are still showing single status. Does this mean I have to file the 2013 tax return as single? I would like to file 2013 tax return as married status so I can get the tax benefits for a married status. How would I go about filing 2013 tax return as married status at this point?

October 3rd, 2024

I owned a house for 25 years and lived in it for many years. My son then lived in it, followed by my niece and ailing sister. A flood occurred due to a broken plumbing supply line, and I had to pay contractors to fix the damage. Before the flood, I paid yearly taxes of $78,000 on the property. I sold the house for $55,000 two months ago. Since it was never a rental and was a personal-owned property, do I have to pay taxes on the $55,000 capital gain?

July 1st, 2024