In 2014, my husband and I sold many personal items we had acquired over many years after becoming unemployed at the end of 2013. We sold these items on eBay and received a 1099-K from PayPal for $112,691. We did not file a tax return for 2014, but the IRS is now asking us to do so. I need to know if there is a special schedule for personal items sold, if we need to list 'cost of goods' sold, and where to report this on our tax return.

October 23rd, 2023

I am retiring due to stage 4 lung cancer and will receive long-term disability payments that my employer paid the premiums for until I am 65. My age is 59. Will I have to pay MD taxes on this income?

February 28th, 2024

What needs to be included on a C-corporation dissolution plan to the IRS when filing the final corporate tax return?

May 10th, 2023

How do I calculate Part V (Distributions From and Dispositions of Stock of a Section 1291 Fund) of Form 8621 for my situation? I am a US permanent resident with a 2013 tax status as a non-resident and a 2014 tax status as a resident. In 2014, I sold all foreign stocks that I had bought through a trading account while in India. I bought several lots of a specific stock (ABC) over time before 2013 and sold them all on the same day in 2014.

May 2nd, 2024

If a person wins a large sum of money, does the IRS take the tax out immediately or do they wait until April or do they make arrangements for payments monthly? This is a hypothetical question. I am in a contest where the winner will win a great deal of money to be paid out weekly for their lifetime and then their beneficiary will continue when the original person passes on. I have not won, but I am hopeful like a million other people. I am just curious.

April 18th, 2023