asked
We moved my father to a nursing home last year. His only income is annual social security of $14,328 and annual dividends from an insurance policy of $2,939. We sold his house for a profit of $110,000. Based on what I’ve read, he should not have to file a return. Can you confirm that?
August 30th, 2023
I underreported $150,000 in 2016 tax return due to missing the 1099 INT forms from the bank, which I redeemed from a series of 30-year EE bonds. The IRS may add a 20% accuracy-related penalty. What should I do to reduce or avoid this large penalty?
August 4th, 2024
I have a question about my money in a mutual fund account. I am about to withdraw $200,000 to buy a home with cash and am trying to minimize tax consequences. I went to Vanguard's site and elected the 'Specific identification method' to select which fund I sell. The reason is that if I select the fund which made the least money, I will pay less tax. This seems like the best method when selling shares. Is there any downside to this method? Also, I want to ensure that when I choose the 'Specific identification' method, I do not mess up anything when I file taxes next year.
April 17th, 2023
Can a surviving child draw social security benefits from a parent if the parent hasn't paid social security in 5 years?
April 24th, 2024
For 2017 taxes, I provide over 50% of my 88-year-old mother's annual income. She is retired with an annual income of approximately $12,000, mostly from Social Security. She does not live with me but owns a home she lives in. Can I deduct her as a dependent?
October 15th, 2024
As a tax professional in Las Vegas, I have a client with significant gambling winnings and losses, documented in a gambling log. I use Intuit Pro Series software and have been told I can report total gambling winnings and losses up to the amount of winnings. I am considering overriding the W2G winnings in the software based on my client's figures. Am I legally and ethically okay in doing so, and what records should I retain?
August 3rd, 2023