What is the federal tax treatment of 'Indirect Damages' received for a forced land sale due to eminent domain, specifically regarding the $134,300 compensation reported on a 1099-MISC?

November 1st, 2023

Can I deduct the mortgage interest, property tax, and PMI for 2011 and 2012 if I did not pay them in those years due to financial difficulties, but later paid them in 2013? Should I amend 2011 and 2012 tax returns or include these deductions in my 2013 tax return?

August 25th, 2023

As a landlord, how detailed should I keep my expense records, and is there a minimum expense requirement for keeping receipts? Specifically, can I log expenses by project instead of itemizing each receipt, and is there a minimum requirement for keeping receipts for food and entertainment expenses?

June 30th, 2023

I filed my tax returns for WI 2013 and received Medicaid and food stamps for that year. I made $20,000 with 3 children, inherited a house that sold for $37,500, and received $15,000 in child support. I did not report the house sale to the state and believe they are now auditing my return. Can they demand the return of their money for state aid, and how should I handle this situation?

May 22nd, 2024

I run an e-commerce business from home and am trying to reconcile my inventory purchases with my supplier. I have about 505K in charges on my credit card from my supplier, but their annual summary shows about 470K in expenses. When I return an item, my supplier issues me an electronic gift certificate that zeros out the original transaction and lowers my expense total on the new transaction. According to my records, I refunded my customers about 13K, but the discrepancy between my credit card charges and the supplier's summary is 35K. Shouldn't these numbers be closer? Every time I receive a gift certificate, it almost always means I have a customer refund to process. Am I missing something?

December 17th, 2024