Do I have to pay an agency to find out if I need to file a tax return? Last year, I paid $60.00 to an agency that informed me my income was too low to owe anything, but they still charged me for the information. Additionally, I did not receive the forms I usually get.

October 5th, 2023

I sold an apartment building where the building had no value, but the land value increased significantly. I can prove there was no value to the building, so there was a loss for the building. How should I report this on Form 4797, and can I allocate all sales numbers to Part 1 of 4797 and nothing to parts 2, 3, and 4?

June 14th, 2024

Can we deduct restitution paid for the tax year 2017?

July 22nd, 2023

I held 7500 shares of IGT in 2015. IGT was bought out, and some shares were sold while others were converted into the new company, IGT2. I used the basis for all 7500 shares in 2015, as the Scottrade statement showed all were sold. However, I then acquired 1364 shares in IGT2, and I don't know what the basis for these 1364 shares is. My Scottrade statement shows the addition of 1364 shares of IGT2 with no mention of a stock price or cost. Does this mean my basis for these shares is $0.00?

May 26th, 2023

I started a part-time independent contractor job last September while working full-time at a university. I made $1460.27 in part-time salary last year and did not pay any federal taxes, only $75 for state taxes. I feel I may owe around $150 (approx. 10% of my salary) in taxes for this job. Am I right? What do I need to do to pay this to the IRS? Should I be preparing to submit my January-April taxes to the IRS?

October 11th, 2024