I had a $12,000 theft of a trailer stolen with police reports and insurance claims. Insurance only covered $3000 due to a special limit on trailers in the states of OK and TX. I have to replace the trailer at a cost of $9000. I will show a loss of $9000 on my taxes. Do I add the cost of the new trailer to that amount to show an $18,000 loss? Should I replace the trailer now or hold off until next tax year? If I'm self-employed with a tax ID, how do I file this to not raise flags? Should I let the business buy the replacement trailer to claim it as a depreciable asset?
September 29th, 2023
I haven't filed my tax returns for the past six years, mostly due to rental income. How should I proceed with filing these returns?
March 18th, 2024
IRS has rejected our TurboTax efile citing no W2s. My husband and I are both retired and have had no taxable income from jobs since January 2016. How do we fix this?
October 29th, 2023
I helped a friend finance his primary residence a few years ago. He just sold the property and passed some of the gains on to me as a thank you. Do I need to declare this as taxable income?
May 20th, 2023
My bank told me that if I'm collecting monies for our high school reunion, I must get an EIN assigned to our group. Where do I start?
June 1st, 2024
What does 'add my state return' mean when filing taxes on the Jackson Hewitt website, and should I add it if I live in Texas?
December 31st, 2023