My 20-year-old daughter, who is a full-time student with a part-time job, lives with me and does not pay rent, except for some small bills. If I declare her as a dependent, should I also declare her income as my income? Even though I did not see none of her income? Should I be better off having her as my dependent, or should I let her file as independent? My income is about 23K, and my daughter's income is about 14K.

February 3rd, 2023

I made a mistake in TurboTax for 2013 for my LLC by paying a general member as an employee instead of as guaranteed payments. ADP has handled all IRS tax filings on payroll. What should I do to correct this?

April 20th, 2024

I built a primary residence and moved in June 2007, living there until November 2011. Due to severe neighbor problems, I had to move out and kept paying the mortgage until the home went to the lender in February 2013 via a deed in lieu. I received a 1099-A today with the following details: box 1 has 02/19/2013, box 2 $118,984.82, and box 4 $134,000. The home recently sold for $70,000. Do I need to file and pay tax on this, or what should I do?

April 6th, 2023

My mom put her house in a trust. The house sold a year after her death and I have received the part of the distribution. Is this taxable income?

November 24th, 2024

If a husband dies on December 10, 2013, and the wife sells the house in 2014, can she still use the $500,000 allowance off the capital gains?

May 14th, 2024