Client received a 1099-misc from a bank for $10K. They did a deed in lieu with the bank and the bank paid them the $10K for relocation/moving fees. Can you offset some of the income with the actual moving expenses incurred? If so, where would you do that? Schedule C doesn't seem right.

July 27th, 2023

I have a question about the depreciation of an air conditioning unit and other repairs for a rental house. Is the AC unit depreciated over 27.5 years if it's a separate unit, and how are other repairs such as tiles, carpet, and painting treated for depreciation?

November 25th, 2023

Hi, my wife and I are wanting to file our taxes jointly this year as married. We are common law married and reside in Texas. We satisfy the three conditions that Texas says you have to do to be considered common law married. One thing we haven't done is file papers with the county clerk's office. Does that disqualify us from being able to file as married on our taxes?

March 5th, 2024

I claimed my brother as a dependent on my 2014 taxes, but I was unable to file online as a disabled vet. I filed without listing him as disabled and now want to amend my taxes for 2014 and file correctly for 2015. What is the best/easiest way to do this, and is there a waiting period between filing the amendment and filing of the 2015 taxes?

December 30th, 2023

Wife dies 3/1/2015; triplex rental owned as community property; only child inherits ½; I, as surviving spouse, retain ½. Purchase range for rental on 8/1/2014 for $600 (5 year life; ½ year convention). Depreciate $60 in 2014 and $60 during wife's life in 2015 (through 3/1/2015). What is the calculation on remaining depreciation for this asset?

September 21st, 2024