asked
My father died on 1/4/2020. In May 2020, I paid medical bills from a hospital visit he had in October 2019. Can these bills be deducted on the individual tax return? We will not be filing a 706 because his estate was well below $11 million. Additionally, can attorney fees and county filing fees be deducted on form 1041? If there were no distributions made in 2020, do I need to list any beneficiaries on 1041? If the mineral rights were located in Oklahoma and I include them on the 1041, do I need to file any state fiduciary tax return in OK? Will there be a problem if all the dividends and royalties are under his SSN? If I understand correctly, I will file 1040 for my father for the four days he lived in 2020 and also an estate return 1041 for 2020. On the 1041, I can deduct medical expenses paid after his death, attorney fees, and filing fees. I will also report the dividends and royalties as income on the 1041. I do not need to file any estate fiduciary return in OK. I will however, file a CA state individual return, OK state individual return (for 1099-G), and a CA estate fiduciary return. Are the royalties listed on the 1041 also listed on the OK state individual return?
January 21st, 2023
What should I do to receive my social security check for last November that I haven't received despite visiting the S.S. office multiple times?
November 20th, 2024
As a 23-year-old college senior claimed on parents' tax return, I received a merit-based scholarship that did not specify its tax status or that it must be used for tuition and fees. The scholarship uses the term 'cash award' and requires me to meet university obligations before any extra cash is disbursed. I am unsure if this scholarship should be counted as income and if my parents can claim the related expenses. What specific IRS code section deals with this issue?
October 3rd, 2024
Do I need to file a 1041 with all zeros and submit a 1040 for 2018, or omit the 1041 for this year, given that I have a fiscal tax year from the date of death till September 30, 2019?
November 14th, 2023
Do I have to pay taxes on the sale of a house that I inherited in 2012 for $80,000? My sister received a tax form for the sale for $72,000 that we split, and her accountant is saying she owes taxes on the proceeds as income.
February 29th, 2024
As a sole owner of an LLC, do I need to file a W2 during tax time? Am I considered an employee of the LLC? If I'm a disregarded entity, what do I file at tax time? Do I need a separate business checking account? How do I pay myself? Do I need to make estimated tax payments every quarter?
February 8th, 2024