asked
My sister's divorce is supposed to be final, but she has found out that her ex-husband owes over $140K in taxes from cashing in a 401K without paying taxes. She had agreed to file jointly but now wants to file separately. Is she able to file separately, and if so, what are the implications, especially since she lives in a community property state like Washington?
December 10th, 2023
I have owned property 1 for 5 years and it has appreciated considerably. I want to sell it to avoid capital gains. Can I do a 1031 exchange to buy property 2 (assuming no appreciation), then sell property 2 without paying tax? Is there a time limit for holding property 2 before selling it?
August 12th, 2023
I was issued restricted stock awards in late 2015. The company was sold in October 2018. Is this a long-term or short-term gain according to the IRS for tax year 2018? My gain was substantial and it makes a big difference between short term and long term.
December 24th, 2024
How much tax will be on an Adjusted Gross Income (AGI) of $11,000 for the current tax year?
February 25th, 2024
What is the fair market value for IRS purposes of a three-year-old behind-the-ear hearing aid donated to the Sertoma Hearing Aid Recycling Program, given that the pair originally cost $5,000?
March 3rd, 2023
I received a 1099-MISC for a life insurance payout. Do I need to report this if it's non-taxable? Is it common to receive a 1099-MISC in this type of situation where I receive the payout as a beneficiary?
August 30th, 2024