Calculate the adjusted gross income (AGI) for the year for Individual X and Individual Y, given the following amounts received during the current taxable year: Individual X received $5,000 alimony, $4,000 child support, $11,000 gambling winnings (with a separate $5,000 in gambling losses), and $1,350 for renting his main home for nine days. Individual Y received $5,000 "scholarship" that requires Y to teach a class, $900 interest income on State of Maine bonds, $50,000 physical injury damage award from a lawsuit settlement, and $2,000 diamond ring received as an inheritance.

May 12th, 2023

I am selling my condo to my son and want to gift him $10,000 or more on the down payment. How will this gift affect my tax return for 2020?

December 22nd, 2024

If I bought $1000 worth of Bitcoin a few months ago, and it is now worth $3000, and I donate the Bitcoin directly to a charity without redeeming it for cash first, do I owe taxes on the $2000 in capital gains (assuming I take the standard deduction and don't itemize donations)? Does it matter if the Bitcoin is held for less than 12 months (short term) or more than 12 months (long term) for tax purposes?

August 17th, 2024

I need to find out if I was claimed as a dependent last year. I don't have an income, and my sister used to claim me as a disabled dependent, but I moved and she was no longer supposed to. I should have received a stimulus payment, but when I check, it says they don't have enough info or I'm not eligible.

February 21st, 2023

I am a CPA and I would like to contact the IRS to ask why a client of mine received a refund. Would the appropriate form that I would need the client to sign and for me to fax to the IRS be form 2848 Power of Attorney?

January 10th, 2024