asked
If a taxpayer sold a home in 2016 but did not report this transaction on their 1040, and the IRS has now received a 1099-S and is assessing tax based on the total sales price, is a 1040X required to address this issue, or can a Schedule D and Form 8949 be submitted to the IRS? Since the resulting capital gain is below the exemption amount, what is the purpose of the 1040X in this scenario?
March 25th, 2024
I'm working on dividing assets within estate planning. Need a call from an accounting professional.
May 25th, 2023
A taxpayer has several rental properties, some listed as installment sales, some as straight rentals, and others as 'Rent to Own'. How should the 'Rent to Own' properties be treated for tax purposes: as rentals or as installment sales? Are there specific terms in the agreements that indicate the appropriate classification?
August 23rd, 2024
Can you file a joint 1040 if both spouses live apart from each other all year (are separated but still married)?
August 19th, 2023
If someone were to gift my partner and me over the amount of $15,000 and it should be split between us, but my partner puts it into a non-joint account, will we have to pay taxes on that money even though it was meant for both of us?
November 13th, 2024
Reprint the article from September 2, 1990, regarding generations and retirement strategies. Can you provide more details or a reference link to the article?
October 28th, 2023