asked
Last year I was billed over 8,000 in medical bills, while my income is 38,000. I didn't pay much yet. I am slowly paying these bills off over time. Can I deduct these bills on this year's return, or do I wait to deduct what I actually pay off this year?
September 10th, 2023
As a Saudi citizen with a US passport, born in the US, I need to understand my tax obligations under FATCA. Specifically, I want to know: 1) How far back should I file my tax forms? 2) Do I have to pay interest and penalties for past years if I was unaware of the tax law? 3) How do I apply the Bona Fide and Physical Presence tests given my residence and study situation in the UK?
October 22nd, 2023
What would the tax rate be on the sale of a farm totaling $5,000,000 that has been held for 58 years and is currently being rented out, not farmed by the owner?
June 13th, 2024
I sold a house in 2013 and agreed to hold a note for $120,000, which comes due in August 2016. I want to know how to minimize my tax liability when I receive the proceeds.
June 30th, 2023
If my mother-in-law sells her home, moves in with us, and uses the money from the sale to pay off our mortgage, does that have to be reported on our taxes?
May 9th, 2023
My mother lives next door and is declining in health. I would like to quit my job and take care of her. She agrees and would rather have her daughter care for her than a stranger. I can't afford to lose my income as an occupational therapist. My take-home pay averages $600 per week, and she is willing to pay me. How can I do this without tax consequences? Can she gift $12,000 to myself, my husband, and one of my children each year? We live in CT. Thank you.
November 3rd, 2023