asked
My wife received a monetary inheritance. The money she received was based on a Contract for the Acceptance of Accountant's Assistant: The Accountant can help. Just a few quick questions to understand your situation better. Where are you currently located? RGeorgia Accountant's Assistant: How old are you? Do you have any dependents? I am 74. No. Accountant's Assistant: What is your typical filing status? Do you know roughly what you made this year? Married Filing Jointly Approx 64K Accountant's Assistant: Is there anything else the Accountant should know before I connect you? I don't want to miss anything important. Yes. The money was received by a certified Check. The money was from the sale of her mother's home. Her mom is still living but is living in a facility that handles altzheimer patients. The attorney that handled the transactions in located in NC where her mother iives. Today Welcome to Just Answer. My name is * * I am an Enrolled Agent credentialed by the IRS. I will be happy to assist you today. 4:07 pm If your wife's mother is still alive, the funds received are not an inheritance. Did you wife have ownership of the home that was sold or did she simply receive a check? 4:08 pm Jshe received a check. she never had ownership. 4:10 pm So, the funds were a gift after the sale of the home? If so, gifts are not taxable income to the recipient in the US. 4:11 pm JI have to go with my wife. I will return later 4:16 pm Thank you for letting me know. 4:16 pm JSo, I assume that we don't show her monetary gift on our income tax returns ? 58 min ago Barbara, With the gift not being taxable, I assume that we don't show her monetary gift on our income tax returns ? Is this a correct assumption?
December 16th, 2023
Several years ago, I was supposed to claim my settlement from my divorce on my taxes and did not do it correctly. The IRS automatically revised my tax return and gave me a liability of about $30,000, which is now $40,000 with interest and penalties. I make a decent living but have significant expenses. Is there anything I can do to get out from under this debt without paying a lawyer thousands of dollars?
April 22nd, 2023
I am on SSDI and receive my benefits on Direct Express, but I did not receive my $1,400 stimulus today. Can you tell me what is going on?
January 5th, 2024
I filed my 2020 tax form and am waiting for my stimulus checks. I am 54 years old, single, and made around $5,000 this year. Can the accountant help me with my unemployment claim, which I'm having trouble with?
February 28th, 2024
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I might have to sell my 2-family home worth $780,200, which I owe $179,000 on. I am over 65, and the profit will go towards a new condo or small single-family home. My income was zero last year due to house repairs and $36 the year before. How much capital gains tax would I have to pay, and how does my status as an owner-occupied landlord affect this?
December 9th, 2023