When calculating child support payments and the other party has an income of $16000.00, does the EITC (earned income tax credit) of $3300.00 and the child tax credit of $1400.00 get factored into the end result in the state of Idaho?

January 11th, 2024

I am a green card holder and inherited full ownership of a property in the UK. I have been a tenant in common on the property since 1997. What are the tax implications if I sell this property and use the money to buy a house in the US?

January 6th, 2024

I am a 1099 salesperson earning bonuses and monthly residual income from credit card processing accounts. The company has offered to buy $5,000 of my monthly residual income for $150,000, which they will deduct from my residual income for life. Can I treat this as capital gains since I am 'selling' my $5,000 monthly interest in my portfolio?

April 4th, 2023

We had a mortgage with a balance of approximately $150,000, abandoned the property, and it went to foreclosure with a sheriff's sale. We received $6000 from an independent foreclosure and filed bankruptcy including the full loan amount. The IRS now wants us to claim the $6000 as fully taxable income in 2013. Does that sound right?

July 9th, 2024

How do I report Australian wages on Form 1040, considering I have already converted the currency on the PAYG summary? I was present in Australia from July 15, 2012, to January 2015, and made $2,800 with $300 withheld tax paid to Australia in 2013, and $27,000 with $3,000 withheld tax paid to Australia in 2014. Should I use Line 7, Form 2555, and Form 1116? My parents gave me more than 1/2 support in 2013 but did not claim me, and I had no home in the US except my parents' house. In 2013, I had no other substantial income other than a $10 dividend from Merrill Lynch, but 2014 requires filing.

January 24th, 2023