My client converted a rental property into their personal residence after 5 years of renting. They have taken $55,713 in depreciation. Do they pay the depreciation recapture tax now, when they convert the property, or only when they eventually sell it? Additionally, can they claim repair expenses on their Schedule E or 4562 after converting the property to their primary residence?

October 12th, 2024

I had an overpayment of WA state unemployment that is included in a Chapter 13 bankruptcy filed in June. It is being paid monthly by the Chapter 13 trustee. Do I need to include this overpayment in my 2017 tax return itemized section since it is included in the Chapter 13 bankruptcy? My bankruptcy lawyer says no, but I should check with a tax expert. How do I calculate the taxes for WA out of the overpayment and deduct the payments made during this year and the following years until it is paid off?

February 23rd, 2024

I performed stand-up comedy out-of-state and received a 1099-MISC form identifying me as a non-employee. I believe this counts as self-employment. Do I need to file a state return for the state I performed in, and how should I report this income?

June 15th, 2024

I have a payment plan set up with the IRS. Can I have the amount withheld by my employer with my regular withholdings, and if I adjust my W-4 to reflect the amount of the payment on line 6, would this be applied to my balance?

November 28th, 2024

I'm 58 years old and left my last job 40 days ago, rolling my 401k into a Traditional IRA. Can I now roll a part of that into a Roth IRA, pay the taxes in 2011 & 2012, and then withdraw from the Roth before I'm 59 1/2 without the 10 percent penalty?

May 19th, 2023