I am a non-US citizen who sold a vacant land in Bastrop, TX, for less than the purchase price. I am concerned about my tax obligations to the IRS, including whether I need to report the sale and if there are any withholding taxes under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). Additionally, I am unsure if there were any tax obligations when I initially purchased the land in 2013. What are my responsibilities and potential legal implications?

February 22nd, 2024

My husband and I are married with two children and both work. We filed jointly last year and are considering doing our taxes ourselves without using a service like TurboTax. Would you consider it easier? Are there perks to not having a company help you aside from saving money spent on their services?

April 29th, 2024

How are taxes (federal and California) calculated for bitcoin transactions? I had a few transactions of the following types: 1. Buy bitcoins, 2. Sell bitcoins, 3. Send bitcoins to a 3rd party. All these transactions were done via CoinBase. If some sell/send transactions resulted in losses and some resulted in gains, shall I subtract losses from gains? Shall I use the FIFO principle to calculate the cost basis for gain/loss?

October 8th, 2023

I redeem approximately $1,000 per month to help with taking care of grandchildren. Taxes are removed during each withdrawal. Does this put me in a higher tax bracket so I am paying more taxes along with what is taken out at the time of withdrawals? I am age 64 and retired and live off of social security, federal retirement check, and a small state annuity from my late husband.

December 16th, 2024

My son owns a tour company and for the last 2 years, he did not file 1099s to his sub-contractors who provide services. He only gets a 12% share of those payments, the rest goes to the contractor. How does he report those on his returns for those years? If he has to show 100% as his income, he will stand to be bankrupt.

September 12th, 2023