My wife passed away in August, and I closed her annuity account as the beneficiary. I paid tax on the interest earned. In Georgia, my wife was eligible for retirement income exclusion, but I am not. Can I apply the earnings to her retirement exclusion when filing this year's joint tax return as a surviving spouse?

September 9th, 2024

I have a HELOC that was partially forgiven, and I received a 1099-C. I no longer own the home; it was sold in a short sale in 2009. The majority of the HELOC money was reinvested into the house, and they forgave a little over $77k. Do I owe taxes on this?

June 28th, 2023

My wife died in 2015 in the state of Washington, a community property state. I filed a joint return for 2015 and paid off her credit card debts at a reduced rate. Now I've received a 1099-C form under her name for $13,500. Should I file a 1041 for her as an estate return or include half of the 1099-C amount in my single return? The estate is solvent, and there is no probate or other debtors. Half of the community assets exceed her debts, which I paid off.

November 29th, 2023

I am filling out Form 8379 for Injured Spouse Allocation. My wife and I filed jointly, but our tax refund was withheld due to her defaulted student loan. She won't disclose her loan balance. How do I proceed with the form, and do I need to know her loan balance to complete it?

October 29th, 2024

My client received a K1 with $25,000 on line 1 and $84,000 on line 16D. I don't understand the Shareholder Distribution. Did she receive stock valued at $84,000? How do I determine her cost basis?

February 4th, 2023