What do you recommend to prevent property tax reassessment due to CA Proposition 19? My primary residence is currently in a revocable trust, and some have suggested establishing an irrevocable trust or an LLC.

September 3rd, 2024

I want to purchase a new home and use my IRA account for the down payment. The total proceeds are $44,500. I am located in Gainesville, GA, and the new home will be in Summerfield, FL. My husband and I are 76 years old with no dependents. Our annual income is around $76,000, and my individual income is $8,400 per year. Would it be wise to file separately?

March 4th, 2023

I received a notice from the IRS about my 2019 1040SR form. They want to know how I got the figure on line 10, which I obtained from form 8995. I now realize that the deduction was not allowed. How should I respond to the letter?

November 14th, 2023

I have a home I previously lived in, that I now let my sister live in. I still have a mortgage on the home and she pays me a portion of the mortgage each month, while I pay the rest. Do I have to claim this as rental property? I am not making any money on it as I plan to sell it to her for what I owe when she gets her credit score up. She pays everything else, utilities, water, and maintenance on the home.

October 24th, 2024

What tax forms do I need to file if I have overcontributed to my HSA in 2020? I will be filling out Fidelity's Return of Excess Contribution form with the option to redeposit the full amount of excess contribution plus earnings back into the HSA as a contribution for the current year.

October 13th, 2024