asked
I inherited a house via trust on 4/1/23, sold it as-is for $150,000 on 5/26/23, and the home value at the date of death was $230,000. Is the $80,000 loss deductible?
April 9th, 2023
If we don't have any employees in an LLC and no salaries, should we stop filing Form 941, or how do we 'deregister'?
May 21st, 2024
I pulled my transcript because the WMR says it's still processing. It shows my refund amount but with an adjustment that adds $500 more. I have codes 570 and 971. I am located in Dallas, TX, 46 years old, and have a dependent daughter. I usually file single but this year, due to an agreement with my ex-wife, I claimed my daughter since I took care of her last year. I made $87,249. What could be causing the delay and adjustment, and what should I do next?
December 26th, 2024
I forgot to list a short-term transaction for noncovered tax lots on my Federal Tax return, specifically a crypto 1099-B. The transaction was a relatively small amount: bought for $102 and sold for $704. I've already filed and it has been accepted for 2021. How do I amend my tax return to include this missed item?
March 2nd, 2024
I want to increase my withholding tax from my social security money. Where can I find the form to do this and what are the steps to complete it?
July 30th, 2024
If two properties were transferred to a trust for half the year (June to December 2021), one being a principal residence (NY) and the other a vacation home (FL), and property taxes were paid for the entire year out of pocket, can I deduct half of the property taxes paid on my 1040 and the other half on the trust's 1041? The property taxes were paid out of pocket and not from the trust account. If I can take the deduction, what would the journal entries be for the out-of-pocket real estate expense that was paid for the properties held in the trust?
August 15th, 2024