My stepmother died in 1995, leaving a will stating her daughter could use/rent her townhouse, but upon its sale, the proceeds were to be distributed among her 2 children and 2 stepchildren. The daughter rented it out for 20 years and used it personally for 3 years without distributing any rental income. What tax forms will be distributed to the recipients of the proceeds from the sale, and will anyone receive a 1099S?

October 15th, 2023

I need to file a 1099 for a caregiver who was paid more than $600 for my husband's needs. I'm unsure if I need to file a 1096 S for California and where to find the form and mailing address. Additionally, I'm confused about whether I need to have the caregiver fill out a W-9 and if I should issue a W-2 instead of a 1099.

July 8th, 2023

My mom would like to cash out $100,000 from her IRA and use the money to purchase another property. There are no penalties at her age. Would it be taxable income and what would the amount be?

May 12th, 2023

My brother and I have inherited a house from our father in 2016, which is owned by a living trust. We want to continue benefiting from Proposition 13 in Santa Clara County, CA. What are the rules regarding living trust ownership for Prop 13 benefits? If we transfer the title from the trust to our personal names, can we still benefit from Prop 13? What is the best way to handle this process, and can we claim property tax deductions on our individual tax returns?

December 21st, 2024

I was a pastor during 2005 and 2006 and filed for both years claiming the 4361 form, which states I do not have to pay self-employed tax. However, I never received approval from the IRS for this form. How much trouble can I get in for incorrectly filing two years in a row, and is there any way to fix this?

November 9th, 2024