I have a rental property which is part of my main home, and my girlfriend and I are splitting the expenses and income on our separate tax returns. I'm hearing conflicting advice about whether we should use Form 4562 for depreciation or Form 1065 for partnership returns. Which form is correct for our situation, and does renting a room in our shared home create a partnership that requires the use of Form 1065?

July 6th, 2024

How can I ensure the IRS accepts my 2008 claim for refund by proving that 'timely mailed = timely filed' and that Emancipation Day extends the 3-year statute of limitations for requesting a refund until 4/17/12?

December 11th, 2024

Can a 1099 be issued to someone for letting them take wood that was laying on the ground off of their property?

December 1st, 2024

I sold my foreign land in 2008 and received 2.4 million dollars, but the broker owed me an additional 600K. I sued the broker and won partially in 2011. I am now filing amended tax returns for 2008, 2009, 2010, and 2011. Do I have to pay penalties for accuracy related, late payment for federal, and penalties for extension, late payment for the state? Is there a way to excuse the OVDI penalty?

April 26th, 2023

Is there a cost basis for shares received in a stock split, and how should it be adjusted if the broker statement shows N/A for the cost basis of the shares received in the split?

July 28th, 2024