asked
My CPA omitted information in 2013 and 2015, causing me to be audited and pay more taxes than necessary. My husband's pension was listed on two 1099 forms, but only one was included in my taxes. This omission is going to cost me a significant amount of money. Can I sue my CPA?
December 10th, 2024
A married couple living in the state of Texas got a final divorce in May of 2015. Living in a community property state, how do the spouses allocate income and deductions that they incurred up to the date of the divorce for tax purposes?
July 30th, 2024
How do I calculate line 20b on form 1040? I work and have one W2. My husband has a pension, and we both receive Social Security benefits.
March 16th, 2023
We closed on a short sale (Freddie Mac) last November, settling on the 1st mortgage but facing a 2nd mortgage issue. The bank on the 2nd mortgage agreed to a $3,000 down payment and $133 monthly payments for 3 years. We were informed we would be issued a 1099 for $125,000 (the 2nd mortgage amount) and owe the IRS approximately $30,000. Our accountant thinks we can claim insolvency, but our financial advisor disagrees. We used very little of the 2nd mortgage to pay down the loan, and most of the HELOC was spent over 1-2 years. The bank is threatening to turn the debt over to a collections agency and is holding back the forgiveness of debt letter. We are expecting an inheritance soon, which could affect our insolvency status. What are the tax implications, and what should we do?
July 6th, 2023
As a U.S. citizen graduating in May 2017 with no current income, can my non-resident alien father, living abroad, transfer funds to my bank account (less than $100,000 within a tax year) as a gift to cover my living expenses, and are these funds tax-exempt? Additionally, are there any documents required to prove the gift and does the origin of the wire transfer matter?
November 18th, 2024
I lived in property A from January to May and rented it on Airbnb for 13 days. I bought property B in March and owned it for 303 days in 2015. Out of these, 45 days were leased for free to the sellers, 15 days were spent on remodeling, and 92 days were rented at market price via Airbnb. Do I need to report income from property A? For property B, can I assume a 70% / 30% split between personal and rental use? How should I capitalize or expense the following for property B: $28K in interest (from form 1098), property tax, $20K in remodeling (with $10K having receipts and $10K having only check photocopies), $4K for a furnace (with only a check photocopy), $500 for a dishwasher, $1000 in utilities paid when the property was rented via Airbnb, and $1,200 for a couch?
May 1st, 2024