I invested $100,000 in a friend's startup business, but the business failed. What is the best way to write off this loss, considering I have a partnership contract with repayment terms in case of failure, and I want to avoid involving lawyers?

March 22nd, 2024

What state should I report income on a 1099 NEC I received since the form contains no state info?

August 21st, 2023

Can I withdraw $10,000 from my IRA without penalty for the purchase of my first primary residence through a living revocable trust?

March 24th, 2023

I am 80 years old, retired, and in poor health. I received one $1400 stimulus check during COVID but heard I may be entitled to more financial help. I don't make enough to file taxes and can't afford a phone call. What other stimulus payments or financial assistance might I be eligible for?

January 3rd, 2023

In 2015, I exercised a stock option of 10,000 shares with an exercise price of $8.52/share and a Fair Market Value (FMV) of $35.98/share, resulting in a significant AMT tax. Each year, the company issued me a K1, with the last one being for 2021. The stock became worthless in 2021, and I plan to file a capital loss on Schedule D with a basis of $84,000. I also have an AMT credit carryover. How do I claim the AMT credit, is it refundable, and how do I determine the amount for line 2k on Form 6251?

October 27th, 2023