asked
I graduated in spring 2011. The tuition and related expenses for fall 2010 and spring 2011 were processed in December 2010, but the scholarships and grants for spring 2011 were released in 2011. My 2011 1098-T form shows $8985 in box 5, but I only received an extra $2000 for spring 2011. This discrepancy is causing me to owe $1300 to the IRS. How can I resolve this issue?
February 3rd, 2023
I worked on the road and received $35/day per diems on a non-accountable plan. Some cities I worked in have higher standard rates than what I was paid. What do I claim in my job-related expenses: the total per diems I was paid, the total standard rate for the cities I worked in, or some other combination involving the 50% rule mentioned in IRS Publication 463?
January 4th, 2024
In a legal settlement where my mortgage company agreed to take back the property as a deed-in-lieu (DIL) due to mortgage fraud and forgery, and I received a 1099-A listing $80k as debt forgiveness, do I owe tax on the 'debt forgiveness'?
October 21st, 2024
How can I access my IRS transcripts, including my total tax history going back to the 90's, including liens and history of past tax balances due?
August 12th, 2024
In the case of a short-sale nonrecourse loan, should the cancellation of debt (COD) be subtracted from the cost basis or added to the sales price, as per IRS forms 4797, 4681, and Pub 544?
August 30th, 2024
I received a Sch K-1, form 1041, Box 14 with item code H for Foreign Gross Receipts and expenses, categorized as passive income from other countries with a gross amount of $510. Additionally, Box 14 has a code B for Passive Income from other countries with taxes of $36. Do these amounts need to be reported on other forms, and if so, which forms and lines should they be reported on? Also, can the $36 foreign tax be directly reported on page 2 of the 1040 as a foreign tax credit, given that I have other foreign tax credits but do not exceed the $600 allowed for MFJ?
February 14th, 2023