I owed Bank of America approximately $610,000 when they agreed to a short sale of my home for $310,000 in 2010. The title company sent me a 1099-S for $310,000, but my tax guy says they should have sent a 1099-C because I received none of the proceeds. The IRS may think I owe taxes on this amount. What should I do?

February 28th, 2024

Can I withdraw from my IRA at age 58 without being retired, and are there any limitations or reasons I can't touch the money if I am willing to pay the 10% penalty and full tax?

August 27th, 2024

Is it true that I must include the $3000 Schedule D loss on line 13 of my 1040 form even if it does not reduce my tax, and if so, why must I give up a $3000 Schedule D loss when taxwise it does me no good?

November 15th, 2023

In November, I withdrew my entire Thrift Saving Plan (TSP) to buy a home, resulting in $78,000 withheld for taxes. My annual salary is $70,000, and the TSP withdrawal was $394,000. My tax accountant calculated that I owe $47,000 in federal taxes and $41,000 in state taxes, putting me in a 39.9% tax bracket. Is this accurate, considering the TSP money was received in November and I won't earn that much again? I invested $315,000 into my home and now lack the resources to pay the taxes.

January 30th, 2024

I was scammed by an investor who took $17,500 from me. He created a fake account showing daily progress in a binary investment company. When it was time to receive my payout, he insisted on upfront commissions. I paid him $17,500, but he never released my payout and has since gone missing. I reported this to the FTC. Can I deduct any of these losses on my taxes, and what documentation do I need to provide for this deduction?

August 3rd, 2024