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

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?

February 28th, 2023

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.

March 24th, 2024

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