My wife inherited a 1/10th share of her father's home. The home was sold to settle the estate, and her share was under $6000. How do we claim this on our income taxes, and is this money taxable? Additionally, at the time of her father's death, the property had an assessed value of $120,000. The house was left unmaintained, and a new septic system had to be installed, which came out of the sale price. The house was finally sold for $80,000, resulting in a loss of $40,000 divided into the 10 shares. How do I report this with no gain and a shared loss of $40,000?

June 27th, 2023

I have lived in the USA for 1 year now, have a legal social security number, and have filed my income taxes while working in Florida. No employment-related documents have been filed or reported. What should I do next?

October 19th, 2023

What does it mean under Title 26, Section 1201 regarding an alternative tax of 35% for corporations on capital gains subject to rates in excess of 35% due to the application of code sections 11, 511 or 831?

April 15th, 2023

I am getting divorced and my spouse is keeping the marital house and land and will deed me a portion of his interest in land that he has in a trust with his cousins, who will 'buy' my interest at the fair market appraised value. What can I do to avoid paying Capital Gains on this money?

March 2nd, 2024

Is there any way to avoid claiming cancellation of debt as other income on your tax returns?

January 29th, 2024