asked
I received a 1099-C from Chase with an identifiable event date of 5/14/18 for debt discharged totaling $24,982.07, related to a home equity loan on my marital residence. I separated from my husband in 2009, filed for Chapter 13 Bankruptcy in 2009, and my bankruptcy was discharged in 2014. My ex-husband refinanced the 1st mortgage in 2015, and I received a letter from Chase in 2015 stating they were releasing the lien on my property. My ex also received a 1099-C for the same amount. The questions are: (1) Do I have to report this as income? (2) If so, do I only report half since my ex would be responsible for the other half? (3) How can I be responsible for this if it was part of my bankruptcy? And (4) If it was part of my bankruptcy and payment was made of $180.00, does that mean my ex is responsible for the entire amount on the 1099-C and that I am not responsible for any of it?
August 25th, 2023
Is there a flat federal inheritance or estate tax rate for items that are going through probate? The entire estate is valued at over 1 million, with $200K mistakenly not put into the trust and now going through probate. Will this $200K portion be taxable, and if so, what is the rate and who pays it?
December 18th, 2024
I need to amend my 2010 tax return because I forgot to include Schedule D. I tried to do this through TurboTax but found the process very confusing and was unable to complete it. I am unsure about the version of TurboTax I used and how to proceed with the amendment.
June 9th, 2023
I am a permanent resident in the US and own a company abroad. I plan to buy goods in China and sell them to an overseas company, generating revenue for my company. What are my tax obligations and do I need a resale tax certificate?
April 9th, 2024
My financial advisor forgot to send federal and state taxes for the 2023 tax year. I am located in Ohio, 81 years old, and filed jointly with my spouse, earning around $201,000. I am short around $32,000 in federal and state taxes. My IRA now has an extra $32,000 due to Roth conversions, and I cannot take out anything for 2023 taxes without penalties. What should I do, and are there any other tax consequences I should be aware of?
January 2nd, 2023
I have been granted withholding of removal about 20 years ago and have been renewing my work permit each year without problem. I am 61. Will I be able to receive social security at 62? I am not a permanent resident and no green card. I have worked in the US for about 15-20 years and paid FICA withholding during those years.
September 17th, 2023