asked
If I sold a rental property for a $18k loss and received a 1099-C for $14k of cancelled debt, how should I report this on my tax return? Can I use Form 982 for reduction of income, or do I have to report both the loss and the cancelled debt on Form 1040?
December 28th, 2023
I sold a Prius in 2013 that I used for business and only deducted the miles. I used the proceeds to purchase a new Nissan at the same time. Do I need to use Form 8824, and if so, what does 'adjusted basis of the like-kind property given up' mean?
July 3rd, 2024
We received a 1099-R form from Vanguard. The form is addressed to the Estate of, and we have an EIN for the estate. Do I file this on our personal income tax or do I file taxes on the estate using the EIN number?
June 20th, 2024
As an S-corp owner who paid $12K in W2 wages for 2013, is there a way to make a contribution to a traditional IRA now without incurring additional Social Security and Medicare taxes?
October 7th, 2023
Can the IRS collect a penalty for late filing of Form 5500 from an S Corp that has closed and has no remaining assets? The S Corp failed to file a timely 5500EZ in the year the Single K plan was terminated.
May 26th, 2023
I received a CP523 notice stating I had until March 6 to contact them and that they may levy my state income tax refund on May 4. The letter was confusing and mentioned paying past due amounts or facing termination of my installment agreement (IA). What does this mean, and what actions should I take?
January 30th, 2023