asked
I sold my home and bought another, but the IRS is saying I owe tax on the full sales amount. Is that correct? I made a mistake and failed to record the sale of my home in my 2016 taxes. They said I owe taxes on the full amount, but I had to pay off equity and bought a new home. So that does not seem right.
June 22nd, 2023
My friend's family in India would like to send $50k-$60k to her account. Is it possible for them to send through a bank, does she need to pay any taxes for it, and is there any paperwork involved to declare this amount?
April 10th, 2024
I make oil royalties off of property in Oklahoma, but I reside in California and do not spend any time in Oklahoma. Am I required to pay income taxes in both Oklahoma and California for oil royalties, and is this considered double taxation?
October 20th, 2024
I received a 1099 R for an irrevocable trust. Do I need to file a separate tax return for the trust, and if so, what form should I use?
November 23rd, 2024
If I filed Form 1040 online and it was accepted, and afterwards I filed Form 4868 and it says accepted, does this extend the FBAR? Please provide IRS references.
November 11th, 2024
I am trying to file a married filing jointly tax return for a military taxpayer who is a GA resident and whose spouse is a KS resident. The taxpayer has taxes withheld from his W2 wages in GA and they reside in KS. Should I file a KS resident tax return for them, which would tax his GA income in KS, or is there another approach?
October 13th, 2024