Can the costs associated with feasibility and research studies on real estate development, which have been capitalized in previous years, be expensed if the investors decide not to proceed with the projects? Specifically, can the costs be written off for LLC A, which is liquidating and distributing funds back to investors, and for LLC B, which has spent money on projects that never advanced beyond the feasibility stage but has also had one successful project?

September 30th, 2024

My husband passed away in 2017. We are just getting around to filing our 2016-2017 taxes. In 2016, he rented his truck out and received a 1099-Misc with $13,600 in box 1 for rent. The rest of our income for the year was $1,500 I received from SSA and $7,000 taxable income he received from cashing out a life insurance policy (1099-R). Because of this, we owe $0 income tax but $1800 is Self-Employment taxes. Can I file as married filing separate that year to avoid these taxes with him being dead? I only make $15,000 a year from SSA and almost $2,000 seem unreasonable when I wasn't self-employed.

October 28th, 2023

If I am offered a position as an employee instead of a consultant, and my compensation is reduced from $65 per hour to $45, how do I determine if this is a fair decrease, considering that my employer will now pay half of the social security and Medicare taxes?

April 26th, 2023

I sent a check to the VA Dept of Taxation, made out to the US Treasury, which the VDT cashed. How could they do that? I want to know if the check will be credited to our VDT bill.

August 9th, 2024

I just closed on the sale of a property that was not my primary residence. The closer asked if it was my primary residence for the 1099 report. I told her no, but now I'm unsure if I made a mistake. Additionally, could I deduct attorney fees I spent defending my investment, and would I be able to deduct the interest, insurance, and taxes I paid for the last year as a rental, even though I didn't report it as one?

November 30th, 2024