asked
My coworker paid $15,000 in interest on her $300,000 acquisition debt for her house, which has a fair market value of $500,000. She also paid $4,000 interest on her $30,000 home equity loan, $1,000 of credit card interest, and $3,000 of margin interest for stock purchase. She had $10,000 in interest income and no investment expenses. We were talking and I think she could deduct $23,000 in interest expenses. She is thinking a $19,000 deduction. Help.
June 10th, 2023
What is the average yearly miles reported by electricians in California?
December 15th, 2023
Upon my death, if I leave my 1/2 interest in the house to my children, will the taxes be uncapped? My wife previously quit-claimed her interest to our children in 2000, and the title currently reads that I own 1/2 interest, and my children own the other 1/2 as joint tenants with right of survivorship.
August 13th, 2023
My mother inherited half of a farm in NY when my father died in 2003. The farm is now being sold for $80,000, with $40,000 going to my mother. Is there any tax or penalties for my mother on this inheritance, especially since she is on a fixed income and needs to use some of the money for medical bills? What is the best way to handle this?
January 17th, 2024
If you receive an inheritance of under $100,000 from the sale of a farm in Kansas, do you have to pay taxes on it?
August 11th, 2024
Can an accountant for the small company I work for change my dependent status without my permission, and who is responsible for selecting the amount of dependents on my tax forms?
January 27th, 2024