I am trying to qualify for another mortgage loan and want to make sure that when I report my rental income on my taxes, I report the correct amount to stabilize my debt to income ratio. My lender suggested not reporting any expenses on the property to show a higher income, but I am unsure if this is correct. Do I need to file a 1040 Schedule E form and submit it to the IRS, or is it fine if I just report it on my taxes?

July 18th, 2024

I have a question about capital gains tax from investments. I made an amount of money up to 405,138 euros, and from that amount, the company told me I have to pay tax on the 275,038 euros. I am a non-UK resident, and the HMRC hasn't sent me any letter confirming the amount I owe. How does capital gains tax work, and how can I verify if I really owe this amount?

January 20th, 2023

How does the federal tax credit for electric vehicles (EVs) work for married couples or individuals who purchase a new EV every year? Is there a limit to how many times you can get the federal EV credit as a married couple or individual when purchasing a new EV?

May 15th, 2024

I'm self-employed, 65 years old. Last year, I contributed $7K to a Traditional IRA and $10K to a Solo 401K. I later contributed $17K to a SEP IRA, which I wasn't supposed to do. I had the custodian refund me $17K, resulting in a 1099R for $17K coded 'P'. How should I handle this on my tax return, and should I disclose both the contribution and the distribution?

April 29th, 2023

I filed for my original tax return in 2019, but due to COVID-19, the post office where it was supposed to be sent was shut down. I refiled in June 2022 using the IRS website, which indicated that my return was being processed. However, the website has since changed calendar years, and I can no longer access information or assistance for my 2019 return. I am single, unemployed, and trying to recover all my past economic impact payments. What steps should I take to track my refund and ensure I receive the economic impact payments I am owed?

May 16th, 2023