asked
I administered my brother's estate following his death in October 2014. I closed the estate and filed the final tax returns in October 2015. This week I received a 1099-C addressed to my brother reporting that Chase discharged a debt of about $5700 on December 31, 2016. Do I need to file another final 1041? If so, can I argue on Form 982 that the estate is insolvent because it was closed, or do I need to claw back funds from the beneficiaries (of which I am one)? And if I need to file again, is there any need to reopen the estate?
November 17th, 2023
I contributed $12,000 to a Partnership Oil and Gas Investment in its first year. I was told I could deduct the entire $12,000 as intangible drilling costs, but my K-1 form only shows $2,990. Can I deduct the entire $12,000, and if so, where should I report it on my tax return?
January 15th, 2024
I received a call advising me to call a specific number for a Social Security lawsuit. Could you tell me if this is legitimate?
March 24th, 2023
I am in the middle of a divorce and would prefer to file my own return. My divorce wasn't final by Dec. 31, 2010. When I go through filing out the Turbo Tax info, I am being told I cannot e-file if I don't file married jointly. How can I file on my own?
July 11th, 2023
Can a person who is 65 1/2 years old and receiving Social Security Disability work to earn some money without being penalized, and if so, how much?
March 14th, 2024
My husband inherited real estate from his mother in 1978, and I inherited it when he died in 2013. Now, I want to sell the real estate, but I'm unsure if the tax basis should be based on my husband's inheritance or his mother's original property value. Additionally, the property was inherited by both my husband and his brother, and both have since passed away, with my sister-in-law inheriting her husband's share and me inheriting my husband's share. What is the correct tax basis for each of our shares?
August 13th, 2024