I have a client who rents a duplex that burned down. The tax basis was $40,000, and the insurance paid out $300,000, which was used to rebuild the property with an additional $20,000 out of pocket. How can we defer this gain on the insurance proceeds, and what should be shown on the tax return to save the most money?

March 27th, 2024

I haven't received my refund yet. I filed in May using Turbo Tax and am due a refund of $318. What should I do to track or expedite my refund?

October 7th, 2024

I have a 16-year-old grandson who turned 17 by the end of the year. I didn't claim him on my taxes. Is it possible to get the child tax credit for him since I normally care for him? He is still in school and going to the 11th grade.

December 28th, 2024

Why haven't I received my refund yet, even though I filed in April? I am located in Missouri.

March 16th, 2024

I’m POA/Trustee for a friend on Medicaid. He’s a stroke victim with no real memory. The IRS informed me that he owed taxes from 2011 (his ex-wife never filed) and placed a $400 per month levy on his SS payment. Will this affect his Medicaid eligibility, since every dollar of his monthly payment is owed to either the care facility, health insurance, or incidental expenses? He’s in NJ. How should I handle this situation with both the IRS and Medicaid?

October 14th, 2023