I had debt reduction through Freedom last year but did not receive any 1099-C forms. I settled credit card debts for less than what I owed. Do I need to claim that as income since I did not receive any 1099-C forms?
October 27th, 2023
If I received $7700 from a death warrant from a person who died at my work, do I have to pay taxes on that money, even though taxes were taken out before I received it?
August 24th, 2023
Can I deduct the expenses for my master's degree in business analytics from Villanova University as a business expense if I am an auditor and the degree is related to improving my skills in my current profession?
November 29th, 2023
I received a principal reduction on a rental property mortgage from $182,804.73 to $90,441.73, resulting in a 1099-C for $92,363. If this amount is added to my income, I owe the IRS $24k. Is there a way to reduce the amount of discharged debt that counts as income?
January 18th, 2024
I was a victim of a scam involving my rental property's mortgage loan, resulting in a monetary loss of over $10,000. I paid $1,500 to an attorney for suing the company, and later became a class representative in a class action lawsuit that awarded me a $1,500 check. I received a 1099-MISC for this amount. My questions are: 1) Do I need to report this as income and be taxed, even though it only recoups part of my loss and the attorney fee I paid? 2) If I do need to report it, how can I report it with my rental property since Turbo Tax doesn’t allow me to put in an income in a box other than rents? 3) If I do need to report it and can’t report under rental property, how can I make this not “taxable” as I don’t think it should be since I’m just recovering some of my previous loss.
June 27th, 2024
A client bought a used Tesla Model S (2012 model) in 2016 for business purposes. Is the tax credit available to her through her business? Does the car have to be new or the owner new?
August 4th, 2023