I am the beneficiary of a testamentary trust that became irrevocable in 2017. The trust has deductions and losses on lines 15a (other deductions not subject to the 2% floor), 15b (a net operating loss due to a casualty loss), and 16 (loss). How will these losses appear on my 1040, and which of these losses will increase my income for the alternative minimum tax (AMT) computation?

September 21st, 2023

I am handicapped and cannot walk. I need someone to prepare my Federal Income Tax for me. In the past, a lady from H&R Block has done my taxes by coming to my residence, picking up all my info, and then preparing my taxes. I have everything in a large envelope, ready for pickup. Who can help me?

August 18th, 2023

My mother-in-law passed away in 2016. Her trust received a distribution of $1496 in 2017, with a taxable amount of $487 reported on the 1099-R. This is the only remaining taxable amount for this trust for 2017. Do we need to file a 1041 for this situation?

March 7th, 2024

Is income from an LLC that I'm the sole member subject to self-employment tax?

June 14th, 2023

I purchased land from my grandparents in 2016 on a contract for deed. I filled out a 1099 in 2016 to report the interest payment. I did this again in 2017 as I have an annual payment to make to them. Their accountant is telling me that I didn't need to make the 1099 for 2017 and should fill out an amended 1099 and send a letter to the IRS. This is a 5-year contract for deed with a balloon payment at the end of the fifth year. I assumed I needed to report the interest each year and not just the first year. Should I fill out an amended 1099 for 2017 as their accountant advised?

October 27th, 2023