Jessica K. asked
My mother passed away in December 2014. The home was in the names of my three siblings. The property was sold after her death, and we each received $75k. The attorney sent me a 1099S form. Do we pay taxes on an inheritance? The property was purchased years ago in NC for $311k and sold for about $229k. I live in New Mexico, my sister who settled the estate lives in North Carolina, and my brother lives in Virginia. There were also a couple of annuities.
March 24th, 2024
Johnny A. answered
The tax treatment of the property sale depends on whether the property was inherited or gifted. If t...
March 24th, 2024
Create an account to view answers and interact with the community!
I took a 401K withdrawal, paid taxes on it, and returned it before the deadline. No one will tell me how to recover my taxes. I lost my job and a 401k loan became due, and I want the taxes applied.
December 3rd, 2023
Is the cost of hearing aids deductible as a medical expense on federal tax return?
September 24th, 2024
I have a 2015 employee who left his job here and moved to Europe. Do I put his US address that he had while working here on his W2 or do I put his current European address on the W2 to submit to the IRS?
March 14th, 2023
How should I depreciate an air conditioner for a rental house? Should it be depreciated over 27.5 years as part of the house or over 5-7 years as an appliance?
January 21st, 2023
Client received a 1099-misc from a bank for $10K. They did a deed in lieu with the bank and the bank paid them the $10K for relocation/moving fees. Can you offset some of the income with the actual moving expenses incurred? If so, where would you do that? Schedule C doesn't seem right.
July 27th, 2023
