If a trust does not have the funds to reimburse the trustee for expenses incurred, can the trustee deduct these expenses on their personal tax return?

November 17th, 2024

I have a client with a business who took both an employer HSA and an employee HSA. The husband has a family plan, and the wife has an individual plan. The tax program is adding the employer contribution to other income on the 1040, stating that the husband's family plan disallows the wife's individual plan. Should the employer contribution be added to other income, or is there an error? Additionally, the contributions exceeded the $6150 and $3050 limits, respectively, leading to additional tax. Is this correct?

July 18th, 2023

I am completing a K-1 for a 1065. Can I only deduct the section 179 depreciation on line 12? We had a leasehold improvement that did not qualify for section 179, so we took straight-line depreciation on this. Can I include this amount on line 12?

December 21st, 2024

What are the rules regarding the repayment of the First-Time Homebuyer Credit and how is it repaid?

September 15th, 2024

If I made a mistake on calculating medical expenses and lost my receipts due to a mold problem, will the examiner still give me credit for the correct figure? Also, do I need to report income from selling household items at a thrift shop if it's under $600 a year?

December 12th, 2023