Two divorced parents claim the same child on their taxes this year, even though they agreed to alternate years. What should they do?

November 9th, 2024

When my parents sell their home this year, they will be able to claim their exemption credit. They do not plan to purchase another home but rather invest in mutual funds. They are gifting me $150k from the proceeds of the home sale (approx $230k). Will this hurt their Medicare benefits in any way? They have no income other than $1500 monthly combined from social security. A friend suggested they should hide any monies into a trust fund so that the government cannot take it away should one of them become very ill. Is there any sense to this and something I should be looking into for them? They are 85 and 80 years old in relatively good health, no illnesses to this date. They also have a home in another country where they reside most of the year.

March 8th, 2023

Are orthodontic expenses tax deductible?

January 23rd, 2023

What determines a 1099 contractor vs an employee other than how they are paid?

February 3rd, 2023

What is the minimum amount reportable for 1099's?

May 29th, 2024