asked
I am looking to understand if I am eligible for (all or part of) the $500K tax exemption on gains from a home sale. We are selling our house, which we bought on 6/30/20 for $888,000, and expect to sell it for $1,500,000. We spent $75K on home improvements. We are aware of the tax implications and ideally want to close on our sale after 6/30/22. However, we want to understand the tax penalty if we close before 6/30/22. Additionally, does it matter how much of our proceeds we roll directly into our next purchase, and if my wife getting a job in a far-away city would qualify as an unforeseen circumstance to allow pro-rating of the tax?
February 2nd, 2024
Can one take the Net Unrealized Appreciation (NUA) tax strategy for highly appreciated company stocks from a 401(k) plan even if previous withdrawals were made prior to taking NUA? I am aged 72 and have retired from the company. My investment in company stock within the 401(k) plan has highly appreciated.
February 13th, 2024
I haven't received the advanced child tax credit for my 3 children. I sent back the checks because my wife is incarcerated and I couldn't cash them. They said they would fix the issue and re-issue the checks, but I still haven't received anything. What should I do?
December 22nd, 2024
I received a letter from the IRS stating that I owe taxes. I would like to pay off the amount in full. What are my options for making this payment?
September 17th, 2024
I was issued a check from PUA, which I never received through mail, and I have not filed my taxes yet because I need a copy of my last year’s taxes in order to file. Can you help?
October 19th, 2023
I filed an amended 1040x return by snail mail but forgot to attach the 1099g form showing federal tax withheld. Will they send the whole return back to me or just ask me to send the 1099g? Should I send a whole new return now with the 1099g or just wait and see what happens?
June 18th, 2024