asked
If our income is 401% of the poverty level, how much of the PTC will we have to pay back, and what are our options if we cannot afford to pay it all back? Additionally, can my husband and I file separately to potentially reduce the amount we each have to pay back?
September 4th, 2023
I am 62, still working, and want to pay off my mortgage with a portion of my 401k, about $55k. What will my tax rate be federally and in North Carolina?
August 17th, 2023
What adjustments are required regarding Paul’s purchase of the partnership interest in the Four Winds Partnership, which owns and operates three storage facilities in Milwaukee, Wisconsin, and how should these adjustments be allocated to the partnership’s assets?
May 31st, 2023
On November 27th, I will become a US permanent resident for the first time. I have a 9% ownership in a company based in Dubai, which I purchased 20 years ago for $20,000 and is now valued at $10,000,000. If I sell my shares after becoming a resident, will I be required to pay US tax on the gains, even though I was not a US resident during the years of ownership?
March 7th, 2024
As a W-2 employee, can I contribute to my 401k plan from January to April 15, 2013, and use these deferrals for my 2012 tax return, similar to how IRA contributions are allowed?
February 26th, 2023
I bought a home in 2005 for $1,194,000 and lived there for 2 years. After renting it out from March 2008 to March 2009, I transferred the deed and mortgage to a renter in March 2009, who then defaulted on the mortgage in 2012. The bank foreclosed on the home for $587,692, and the mortgage amount due was $837,827.93. I believe I will receive a 1099-C for the difference of $250,136 along with $50,000 in penalties and interest. This looks like I'll need to pay $100,000 in federal taxes and $28,000 in California taxes on this 1099-C. Is there any way to reduce this tax burden?
September 21st, 2024