asked
I have someone who’s only income was from gambling ($180,000), but in the end they had gambling losses after itemizing on schedule A. They have no other income, but did not have any health insurance. My tax software program is saying that the one over $3,000 in taxes for not having coverage based on AGI. They made no money during this year and actually lost $45k gambling. Am I allowed to put in a hardship exemption? What should I do?
April 19th, 2023
Can a taxpayer withdraw non-deductible contributions and earnings from an IRA before the income tax deadline without paying a penalty and income tax, or only income tax on the earnings? Do they have to pay a penalty on those earnings if they are not yet 59 1/2 years old?
March 28th, 2024
I'm driving for UBER and bought a car used 100% for this business. Can I deduct all mileages, investments, repairs, gas, etc., from my income? I know there are two different methods but I'm not sure about it. I also do not know if I have to pay tax during the year or only with my tax return next year.
August 21st, 2024
What is a Federal ID number and is it required to settle an estate?
June 4th, 2023
How should I report income from an investment property that is in someone else's name (a family member) and how should I handle the income and expenses if I have a verbal agreement with another person to split profits and costs, even though there is no formal partnership?
July 4th, 2023
I had an investment with Provident Group that was rolled over into an investment in a Dominican Republic Resort, which was later determined to be a Ponzi scheme in 2010. Provident has been asking us to close the account, but we never did due to their fees. Now, they are threatening to report the account as a write-off to the IRS, making us responsible for the income. Can I use the IRS provision in Rev.Proc 2009-20 to claim a loss for this Ponzi scheme, even though I never closed the account and it has been 10 years since the discovery?
December 20th, 2024