asked
I filed Chapter 13 in 2007 and included the taxes I owed. I now only owe $1,399 from 2007, and my $600 stimulus check was applied to this debt, leaving a balance of $800. Will I get a tax refund this year, and if so, will the $800 be taken out, leaving me with the remainder?
July 27th, 2023
I have had no contact from the IRS in a long time. Should I wait until I get caught to turn myself in?
November 30th, 2023
My husband owes back child support for three children that do not live with us. We also have one child together, and I have two of my own. Can we file for the Earned Income Credit (EIC), and will it go to his ex?
October 22nd, 2023
If I make an NRO FD of Rs 3,00,000 with 10.5% interest, should I have to pay income tax, and I do not have any other income?
January 9th, 2024
Is there a way to avoid or defer capital gains tax for both parties when the son sells his rental home and uses the profit to buy some of his dad's land?
November 19th, 2024
I began renting out my house on September 1, 2008. I have calculated the cost basis of the house as the price paid in 1983 plus improvements totaling $205,000, divided by 29.5 years. I have spent $7,700 on repairs and maintenance just before renting. How should I calculate the exact number of days from September 1 to December 31 for depreciation purposes? Can I deduct the entire $7,700 for 2008? For taxes, insurance, water, etc., should I prorate the monthly cost or deduct when actually paid? Additionally, if I use the Fair Market Value (FMV) as of the rental conversion date, how will the capital gains tax work if I sell the house for more than the FMV?
May 26th, 2024