Andrea M. asked
We gave our son $19K toward the downpayment of a house in 2015. The house is in his and his wife's name. I know we are exempt from the $14K annual gift tax exclusion, but how much do we owe on the other $5K? We are married, but only my husband signed the gift letter.
April 3rd, 2024
Jessica R. answered
The annual gift tax exclusion allows each individual to gift up to $14K per year to any number of re...
April 3rd, 2024
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My son, a resident of Iowa attending the University of Iowa part-time, had a job in Iowa but the employer paid taxes to Illinois. We want to establish residency in Iowa for my son and pay the appropriate taxes in Iowa. Do I need to report to both Illinois and Iowa state taxes? Should I show $0 paid in Iowa and pay the appropriate amount in Illinois, and get a refund there? Are there other forms we need to file to complete the transaction?
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My mother passed away in December 2014. The home was in the names of my three siblings. The property was sold after her death, and we each received $75k. The attorney sent me a 1099S form. Do we pay taxes on an inheritance? The property was purchased years ago in NC for $311k and sold for about $229k. I live in New Mexico, my sister who settled the estate lives in North Carolina, and my brother lives in Virginia. There were also a couple of annuities.
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I took a 401K withdrawal, paid taxes on it, and returned it before the deadline. No one will tell me how to recover my taxes. I lost my job and a 401k loan became due, and I want the taxes applied.
December 3rd, 2023
Is the cost of hearing aids deductible as a medical expense on federal tax return?
September 24th, 2024
I have a 2015 employee who left his job here and moved to Europe. Do I put his US address that he had while working here on his W2 or do I put his current European address on the W2 to submit to the IRS?
March 14th, 2023
