asked
I received a 1099-Misc from a law firm for settlement proceeds from a class action lawsuit against our developer within our housing development. The proceeds were net of all lawyer and expert fees and are earmarked for fixing faulty construction on the house. I believe these funds are not taxable as they are to repair damages. How should I report this if it is not taxable, and how do I handle this in TurboTax, which defaults to taxable for all lawsuit settlements?
May 13th, 2024
Grandma gifted farm land to her grandchild, but received a 1099-S for $200,000. How should this be reported on her 1040 tax return?
March 21st, 2024
When betting on horse racing, can I use my EIN instead of my social security number for IRS purposes, and how can I check the address associated with my EIN?
February 21st, 2023
What are the tax and filing requirements for a service-based LLC in NY Manhattan, other than income tax and bi-annual reporting?
November 29th, 2024
What are the rules about artist's deductions for charitable contributions to non-profits that are resold or auctioned by the non-profit charity?
February 22nd, 2023
How can I bookmark my last conversations with Ms. Lane?
May 1st, 2023