I am a widow with a dependent who collects social security death benefits. Do I include his social security on my tax return, and if so, should I amend past returns? Additionally, if I have a rental property where a friend pays less than the mortgage amount, do I claim that as income?

June 19th, 2023

I have filled out Form 4684 for various categories of losses (vehicles, equipment, household contents, etc.) and have received a lump sum reimbursement of $25,000 for some of my household contents, but it was not detailed by category. How can I split up the reimbursement for the different categories on Form 4684?

April 29th, 2023

I've been doing freelance editing and ghostwriting for several years and earn about $40k annually. I want to write and publish a book on astrophotography, which would require about $2-3k worth of gear. Assuming I can write off the gear as an expense as long as I use it for research, what happens when I'm done with the gear? If I sell it, do I have to claim the sale as income, and if I keep it, do I still claim its value as income?

November 20th, 2023

My father died overseas and left a small life insurance. My brother would like to give us some of the money using the tax-free exception to me and my wife (bank-wire). Both of us are in the same savings/checking account. Can we receive $28000 (14,000 p/p) tax-free, and if so, would the same account be a violation? Would this gift offset other benefits such as IRA contributions and tax bracket position?

November 29th, 2024

For an S corporation with one owner, can the husband (as the 100% owner) register his spouse as an employee of the S Corp and as a result enjoy the benefit of 401K deduction (the employer portion) and health premium deduction? Additionally, should the spouse's health coverage premium amount be reported on the W2, and can the maximum amount for the 401k employer contribution and employee contribution be deducted on the spouse's paystub?

April 12th, 2023