My father-in-law, who is 89 years old and was under a doctor's care for a UTI, closed out his IRA worth $55,000 and transferred the funds to his checking account. He later opened a new IRA with the same bank. He received an IRS bill for over $12,000. We believe he is entitled to relief due to his mental and medical state at the time of the initial IRA closure. How can we resolve this issue with the IRS, and what steps should we take to prepare for a potential hearing?

May 4th, 2024

How do I get copies of my tax transcripts if I filed jointly and have a different address?

July 28th, 2024

I might have to sell my 2-family home worth $780,200, which I owe $179,000 on. I am over 65, and the profit will go towards a new condo or small single-family home. My income was zero last year due to house repairs and $36 the year before. How much capital gains tax would I have to pay, and how does my status as an owner-occupied landlord affect this?

December 9th, 2023

Can a house that I lived in last year but no longer live in be claimed as my primary residence to avoid capital gains taxes? I acquired the house in June 2020 for $360k, have purchased another house, and am now selling the first house.

November 29th, 2024

My boyfriend and I are involved in rental arbitrage on Airbnb with a property owned by my parents. I am listed as the host on Airbnb, but he is the primary on the lease, and I am an occupant. Can I claim tax deductions (rent, supplies, etc.) on the income I am making from this property? Additionally, we are under contract on a vacation property that we will also run as an Airbnb. The loan is under my name, but we are both on the title. How can we manage who gets the 1099 from Airbnb when tax season comes?

December 23rd, 2024