I am retired, over 65, with income from Social Security and a small amount in interest and dividends. I determined that I do not owe any taxes for calendar year 2009. Because the interest and dividends have been reported to the IRS, do I need to submit Form 1040 showing no tax owed?
February 9th, 2023
I am married and have worked and lived in 2 states last year. I have a permanent residence in Maine where my wife works and lives in our home, and I also have an apartment in Virginia where I work full-time. How should I be filing both federal and state taxes?
August 21st, 2024
Does Section 199A apply to income from renting boat slips, reported on Schedule E, where losses are unallowed by rules, but some slips made a profit this year? Additionally, as a Real Estate Investor who rents boat slips and sells homes, does he qualify for QBI considering the safe-harbor rule?
June 25th, 2023
As a freelance graphic designer in California, do I need to get a business license?
May 8th, 2024
Where do I record a sale of assets inherited from my spouse? The company that bought the tools issued a 1099-MISC as other income. I have spoken to a tax professional who says the amount I received is the fair market value at the time of his death and my gain should be zero. I inherited my husband's business and am selling off the tools and equipment. He died in 2017.
April 5th, 2024
I was referred to IRS Publication 526 for information on carrying over capital gains losses in 2018, which exceed the allowable $3,000 limit. The online note says it is not yet available. What are the details on how to carry over the excess loss, and has Form 2106 for business expenses for small-time real estate activity been eliminated?
October 9th, 2024