asked
I have a taxpayer who took $50,000 out of an IRA for home improvements, including a roof, siding, and garage remodel. I'm trying to understand if there's a way to avoid penalties or taxes on this withdrawal, as I've only seen information about a $10,000 penalty-free withdrawal for building or rebuilding a home. Is there a loophole I'm missing?
May 13th, 2023
I have a question about distribution at age 73. We receive retirement funds directly to our bank in checking. I contributed to my retirement plan for 30 years. What is RMD (Required Minimum Distribution), and did we need to take it last year?
November 7th, 2024
I lived in a house in NJ for 4 years (principal residence) with ownership in my spouse's and my name. I created a single-member LLC and sold the house to the LLC at market price. I paid both the transfer tax and transfer fee during the transaction. Can I claim the transfer tax or/and the transfer fee back as a refund while filing taxes? Also, what would be the cost basis for the LLC—the fair market value at the time of the sale to the LLC in 2023, or the fair market value in 2018 when my spouse and I jointly bought the house? And do I need to declare the gain from the sale to the LLC in my tax return?
January 17th, 2024
I have a QROPS based out of Malta and started making withdrawals last year. How do I report this in the USA?
June 12th, 2023
Years ago, I purchased a cremation package. Last week, I received a 1099 from the company stating I need to pay tax on interest they received, which they claim they will give to the funeral home when I die. I did not receive any interest myself. Should I report this on my taxes, and could this cause issues later?
March 29th, 2024
I need my IRS PIN because of identity theft. How can I request an IP PIN from the IRS for tax purposes?
December 18th, 2024