asked
If I borrow money ($100,000) to buy out my vested options from a private company, and then the shares become worthless, would I have to pay tax on the amount I borrowed (satisfaction of the debt via a return of worthless shares as de facto forgiveness of the loan)?
September 8th, 2024
I am being audited by the IRS for year 2009. My home was foreclosed on by BOA in the summer of 2009. The IRS is asking me about a Form 1099-C, which I never received. Since January 2011, I have sent four letters to BOA requesting this form, but they have not responded. I have reliable mail service but have made 27 phone calls without receiving any help. What should I do?
August 9th, 2024
I receive a 1099-MISC for nonemployment compensation from an agency to take care of my disabled daughter. Do I pay taxes on it and can I take deductions off for utilities by turning it into a home business if I have to pay taxes? I work full time for the school district and am fully responsible for my daughter who is 19 but still in school. I am considered a Host Home Caregiver in Texas.
January 22nd, 2024
As a 23-year-old college senior claimed on parents' tax return, I received a merit-based scholarship that did not specify its tax status or that it must be used for tuition and fees. The scholarship uses the term 'cash award' and requires me to meet university obligations before any extra cash is disbursed. I am unsure if this scholarship should be counted as income and if my parents can claim the related expenses. What specific IRS code section deals with this issue?
October 3rd, 2024
I manage vacation rental homes and filed incorrect 1099-MISC forms for 2017 and 2018. The income from rentals is split between the homeowner and my management fees, with all funds initially coming into my account before expenses are paid and the remaining balance is sent to the homeowner. I need to correct these forms and understand how to properly report this income and expenses for both my business and the homeowners. Additionally, I need to know which tax forms to file and whether I should file as a partnership or as a service provider to the homeowners.
February 12th, 2024
My online filing is being rejected for AGI or self-assigned PIN for my husband. I know the AGI is correct, but how can I find out what PIN the IRS has on file?
April 8th, 2024