I received a Schedule K-1 form for a trust after my father's passing, indicating $6,600 in net long-term capital gains. Do I have to pay taxes on this, and if so, at what rate?

March 23rd, 2023

My client took out $50,000 from her 401k to buy her first house. Will she still face the 10% penalty?

December 26th, 2024

I'm trying to claim the "Not Affordable" option for an exemption from not having healthcare in 2017. I meet the income requirement but can't get information on the subsidies/credits I may have qualified for since it was last year and I didn't apply. I contacted the state Marketplace and they said they don't have any way to provide eligibility for the previous year. Is this enough for me to claim the exemption since I have no way to obtain the information?

December 5th, 2023

I received a lawsuit settlement for emotional distress on a Form 1099-MISC. Is this taxable, and how do I show it on my tax return?

April 24th, 2023

As a non-resident alien engaged in a business in the United States and owning a residential property in Texas that I rent out, I need to file a 1040NR. My question is about the amount of gross rental income I have to declare in 1040NR. I understand I can deduct maintenance costs, mortgage interest, insurance costs, and depreciation, but in my resident country, I will still have to declare my worldwide income, and they will only recognize a flat 5% of gross rental income as a deduction. Therefore, I am considering splitting my rental income into 'Rent' and 'Reimbursable expenses' to lower my gross rental income in 1040NR. Will I be able to report only the 'Rent' portion as gross rental income in 1040NR and not the 'Reimbursable expenses'?

July 29th, 2024