asked
I want to know if I am handling taxes correctly on my home (primary residence) for which my father, who doesn’t live here, cosigned with me on the mortgage because at the time (just after divorce) I could not qualify on my own. We hold the title as Joint Tenants With Right of Survivorship (JTWROS). My father has made zero financial contribution, and will not be doing so. I make all of the payments, pay all property taxes, and claim all tax deductions related to the mortgage and property. The second and more important part of this is, what happens when he dies? I know that title goes to me automatically, but isn’t there an adjustment then to the basis for his half of ownership? Also then are there any tax implications to his estate when he dies? Hopefully this won’t be for another 10 or 20 years, but I need to know because I am refinancing. I would like to keep it this way by trying to refinance on my own.
January 8th, 2024
If I have my kids' mother's consent to claim one of the children on my tax return, do I have to fill out a form or can she just let me go ahead with it and prove that it's okay?
April 11th, 2023
I currently declare my business losses on my taxes as a sole proprietorship and would like to create an LLC. After the LLC is established, can I still declare my losses and have my AGI adjusted as before?
July 16th, 2023
Why would I want to pay five dollars to get a problem corrected that I don’t feel was my fault?
September 18th, 2023
I mistakenly filed last year's tax return. Can you recall my request in your queue? I am located in Jacksonville, Florida, 55 years old, single, with no dependents. I am unsure of my income for this year as my W2s have not been sent yet. I do not want to get in trouble with the IRS.
November 25th, 2024
I am a senior citizen with a medical disability (heart and lung). I had a whole house generator installed to ensure my oxygen machines work during power failures. I live in Florida and cannot go to a shelter due to my condition. Is the cost of the whole house generator for my oxygen supply tax-deductible?
May 12th, 2023