asked
In 2008, I bought an insurance policy for death benefits. In 2018, I found that I had paid approximately $8500 in premiums. Then found out that if I should die, my estate would receive approximately $1500 but this figure would increase to 4500 if I should reach 100 years of age. So in 2018, I converted this into a paid up policy worth $1435. So in effect I lost over $7000 to date. Is there any way to claim a loss like this on Revenue Canada taxes? How do I recoup any portion of the $8500 - 1500?
December 2nd, 2023
We recently received a letter from the IRS stating we owe back taxes for 2017, claiming income from the Railroad Retirement fund. Is this legitimate, and how should we proceed?
May 19th, 2024
I co-own a house in Frisco City, Texas, but I am the sole payer of the mortgage, interest, and tax. I received two property tax statements in both owners' names. Should I be paying for both owners, or can I protest it?
December 13th, 2024
I submitted my tax form on 10/15/19 along with a 433-f and a request for an installment agreement. My tax return was returned due to a missing healthcare credit, which increased the amount I owe. I resent the corrected documents yesterday. Should I submit a new 433-f and installment agreement request for the new amount, or how should I handle this situation?
August 10th, 2024
If I receive severance pay as a lump sum, how much taxes will be deducted?
November 13th, 2023
Can I withdraw $100,000 from my traditional IRA and replace it in the future without facing penalties or excess contribution limits, given that I am 60 years old and have already withdrawn $55,000 this year?
March 6th, 2024