What are the federal tax implications for selling a residential lot in Live Oak County, Texas, purchased 40 years ago for $500 and now being sold for $1,650? The sellers are a married couple over 75 years old, with a gross income of $50,000 plus $40,000 in Social Security.

February 7th, 2024

I am legally married but have been at separate addresses since 2016. My spouse and I have no dependents who primarily stay with me. When I file my taxes, can I file head of household and he file married filing separate at his current address, or do we both have to file married filing separate at our own addresses?

October 20th, 2023

Did I file taxes for 2019? I am 75 years old, located in Cleveland, TN 37311, and I have a 42-year-old son who lives with me and I support 100%. My typical filing status is single, and I made approximately $60,000 that year. My bank account has not been deducted with payment for the taxes I filed on July 15, 2019, and we had an extended deadline of October 15 due to a tornado in our county.

November 22nd, 2023

My wife and I are in our late forties and have recently quadrupled our nest egg through stock market investments, crossing into six figures. We are considering moving our investment into cryptocurrencies but are wondering if there is any way to shelter the gains we have already made from taxes, instead of paying 25-30% on them come tax time. We are married filing jointly, have two dependents, and expect to have roughly 180k in total income this year, including 60k from employment and 120k from investment income.

September 14th, 2023

I filed an amended state return for 2018 prepared by H&R Block and paid the fees. I received a letter stating I owe an additional $1,317. I am 63 years old, filed jointly with my 83-year-old spouse, and have no dependents. What should I do next?

December 11th, 2024