If my mother-in-law sells her home, moves in with us, and uses the money from the sale to pay off our mortgage, does that have to be reported on our taxes?

May 9th, 2023

My mother lives next door and is declining in health. I would like to quit my job and take care of her. She agrees and would rather have her daughter care for her than a stranger. I can't afford to lose my income as an occupational therapist. My take-home pay averages $600 per week, and she is willing to pay me. How can I do this without tax consequences? Can she gift $12,000 to myself, my husband, and one of my children each year? We live in CT. Thank you.

November 3rd, 2023

I received a 1099-S for the sale of my father's home after his death, which was set up by his attorney as a gift and not to be taxable. How do I show this on my tax return?

May 17th, 2024

E-filed 1099 forms and they sent it twice for the same amounts so each person has received two. What do I need to do to correct the mistake?

November 29th, 2024

Regarding an S Corp dissolution with 179 disposition of property, how should the section 179 deduction be handled on Form 4797, Part III, Line 22, and how does this relate to the IRS 1120S instructions? Additionally, if a 179 deduction was taken for property with a 7-year recovery period that was not met, how should this be addressed in the final 1120S for 2015?

November 2nd, 2024