asked
My wife inherited a 1/10th share of her father's home. The home was sold to settle the estate, and her share was under $6000. How do we claim this on our income taxes, and is this money taxable? Additionally, at the time of her father's death, the property had an assessed value of $120,000. The house was left unmaintained, and a new septic system had to be installed, which came out of the sale price. The house was finally sold for $80,000, resulting in a loss of $40,000 divided into the 10 shares. How do I report this with no gain and a shared loss of $40,000?
June 27th, 2023
I have lived in the USA for 1 year now, have a legal social security number, and have filed my income taxes while working in Florida. No employment-related documents have been filed or reported. What should I do next?
October 19th, 2023
What does it mean under Title 26, Section 1201 regarding an alternative tax of 35% for corporations on capital gains subject to rates in excess of 35% due to the application of code sections 11, 511 or 831?
April 15th, 2023
I am getting divorced and my spouse is keeping the marital house and land and will deed me a portion of his interest in land that he has in a trust with his cousins, who will 'buy' my interest at the fair market appraised value. What can I do to avoid paying Capital Gains on this money?
March 2nd, 2024
Is there any way to avoid claiming cancellation of debt as other income on your tax returns?
January 29th, 2024
Can someone help me estimate what I would pay in Federal and State quarterly taxes as a partner of an LLC getting guaranteed payment of $150,000 per year? I am working in the state of Maine and my filing status is married filing jointly with one dependent under 17. My husband earns $40,000 from a W2 and an estimated $1,000 from a K1 (part of an S Corp).
December 30th, 2024