asked
I am filling out Form 4797 for the sale of a rental property. I have been taking depreciation for the last 4.5 years on Schedule E, totaling $25,450, including $4,550 for 2017. What amount should I put on line 2(e) for depreciation? Additionally, where should I report the original cost of the property, sale expenses, and passive losses from previous years?
July 11th, 2023
In 2017, I rolled over an employee-based 401K and Savings account to an IRA and a Roth IRA. The 401K was all pre-tax investments, while the Savings account included post-tax employee contributions and pre-tax company matching and earnings. During the rollover, all pre-tax funds were directed to the IRA and all post-tax funds to the Roth IRA. However, the Roth IRA transfer included pre-tax company matching and earnings, resulting in a 1099R statement showing 45% of the Roth IRA transfer as taxable. My tax advisor says I won't have to pay 2017 taxes due to Box 7 showing a 'G' entry, indicating a direct rollover. Why would Company A and Company B think only post-tax funds should go to the Roth IRA, and should I be concerned about paying taxes on the 45% of the funds?
November 18th, 2023
Can I claim my son as a dependent if he was unemployed during 2017, lived in a house I owned, and I provided utilities, maintenance, a vehicle, insurance, and maintenance, even though we only lived under the same roof for 10 months and his gross earnings were under $1,000?
May 29th, 2024
I have a grandson who has lived with me since February 2017. His mother has insurance on him through the state, and I have been providing for his needs such as clothes, diapers, and formula. His mother and father do not work. Could I still claim him as a dependent?
September 19th, 2024
I have been disabled for 26 years but became well enough to go back to work. While I work for the county as a therapist, I still need to maintain my MFT license and pay for books and continuing education units. Additionally, my job required me to purchase a car due to living in a rural area with no public transportation. Where do I put these expenses on my 1040?
February 11th, 2023
I am the beneficiary of a testamentary trust that became irrevocable in 2017. The trust has deductions and losses on lines 15a (other deductions not subject to the 2% floor), 15b (a net operating loss due to a casualty loss), and 16 (loss). How will these losses appear on my 1040, and which of these losses will increase my income for the alternative minimum tax (AMT) computation?
September 21st, 2023