asked
We recently received a small inheritance from a relative that died. When the estate was all settled, the lawyer sent us a check, a summary of how the amount was calculated, and a K-1 form. The only amount on the K-1 form is in 11A, Excess Deductions. From what I can see, this goes on my Schedule A on line 23. However, the amount will not exceed the % from my net income that sets the lower limit in that section. The K-1 is a 2010 form, with the dates 11/1/10 ending 6/30/11. I assume this goes on my 2011 return Schedule A and I don't have to adjust my 2010 return. Do I also need to put the inheritance in somewhere as income? There isn't any form here indicating they gave that amount to the IRS. Do I need to attach a copy of the K-1 (1041) to my 2011 return?
January 1st, 2024
I need to file my taxes for the last 4 years. I didn't work consistently, but I am concerned about my status with the IRS. I didn't receive any forms because I only worked part-time and occasionally. How can I determine my status with the IRS and what steps should I take to file my taxes?
November 14th, 2023
An unmarried couple buys a house together and then splits, with one of the couple buying out the other to keep the house. Can the money used to buy out the other person be deducted?
April 3rd, 2023
What do the beneficiaries do about their taxes in New York if the trust was not distributed until two years later, and I have the trust document?
December 13th, 2024
Can tax liens and tax liabilities be discharged through bankruptcy?
April 6th, 2024
I have a business registered in NJ. The 1099 MISC is from a business registered in NY. While filing taxes, do I need to include this as income in NJ or NY or both tax returns? How do I make sure that I am not double-taxed on this by two states?
April 5th, 2024