Laura M. asked
Is there a cost to this service? I have a quick question on my income tax return for 2015. I prepared my tax return and found I need to pay about $1000. My home interest deduction was down by $800, and I didn't contribute as much to my 401k as I could have. Is it too late to put funds into an IRA or another tax shelter?
July 24th, 2023
Adrienne W. answered
Yes, there is a fee for this service. You can contribute to an IRA up to April 15th, 2016, and have ...
July 24th, 2023
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Are my French pensions or retirement income considered as income in the US and must be declared to the IRS?
October 12th, 2023
For the tax year 2015, I am an LLC and would like to be taxed as an S Corp. Can I file Form 2253 by Feb 15, 2016 and be treated as an S Corp for the tax year 2015? Or, the election will only be going forward (in other words, for the tax year 2016)?
February 23rd, 2023
My mother passed away in March 2015. My brother, mother's estate, and I sold a property we all owned for $195,000. I owned my 1/3 share of the property before my mother's death, which I received through a 'forgiveness loan'. Do I still have to pay capital gains taxes on the 1/3 of the money I received?
November 8th, 2023
If I want my Sole Member LLC to be taxed as an S Corp, should I file Form 2553 to the IRS fax number within the deadline, or do I need to first elect Corporation tax status and then Subchapter S? Additionally, do I need to fill out the first two pages of Form 2553 and fax it to the IRS, and do I need to attach any corporate documents like bylaws or Title of Organization?
September 4th, 2024
My husband and I separated in 9/2003 and I decided to surrender our home with a 1st and 2nd mortgage to Beneficial. I communicated this intention to Beneficial in November 2003, but they never sent the necessary paperwork. In 2006, I received a 1099-C for the 2nd mortgage and paid taxes on the forgiven debt. In 2015, I received another 1099-C for the 1st mortgage. The house was sold in 2005, but we never received any paperwork. Beneficial stopped reporting the debt in 2009. How can they claim forgiven debt for 2014, 12 years after the initial decision, and do I have to pay taxes on that forgiven debt?
November 14th, 2023
