Regarding the Roth excessive contribution that was removed after the deadline, I was told by the brokerage firm that they cannot update the distribution code to corrective distribution. They suggested self-reporting. Can you advise if we can complete the 5329 form and write a letter to the IRS to state the situation?

December 14th, 2024

I received a cancellation of debt in 2018 but included it in my tax return. Now, the IRS has increased my income by that amount and I owe back taxes. How do I report this information and what information is needed to properly enter it?

May 2nd, 2023

This year, I invested $50,000 in an equity play with an oil & gas company, and 85% of this amount is tax deductible for tangible and intangible drilling costs. How do I make this deduction on my tax form using H&R Block's Premium software, and can I postpone the deduction to the 2021 tax year?

September 30th, 2024

I'm contemplating starting a new small business and selling a rental property in downtown Denver. What would I need to do to re-invest all profits from the sale of the rental property into my new business, particularly into building a new structure on another property I own in Colorado?

September 22nd, 2023

I inherited a condo and am selling it. For part D "Calculation of gain" do I put $0.00 for purchase price? What does line 9 mean: Consideration. Amount of seller's share of sales price? What should I put on line 11?

October 19th, 2024