For tax purposes, what happens with the canceled debt on a 1099-C from a primary mortgage that was never refinanced and used solely for house purchase, given that the primary mortgage is a non-recourse loan, and a second mortgage was refinanced with some money taken out for a car and home improvements, which was charged off as bad debt two years ago?

April 13th, 2024

I am a 72-year-old single US Permanent Resident with a total adjusted gross income of $20,645.00 from pensions. I have moved from the UK and am unsure about personal exemptions. Can I claim a $3,650 exemption, and how does this affect my tax calculation?

November 18th, 2024

Is my husband entitled to SSI benefits? He is collecting Social Security and has a 20% service-related disability.

December 20th, 2024

I bought a used Kenworth truck from a Canadian dealer last June. The truck was manufactured in the US, so no duty was due at import. Will I be contacted by the IRS for an excise tax at some point?

June 17th, 2023

I took over a set of books on 1/1/07 for a client who buys and sells real estate. There are several properties on the books that the client doesn't recognize, and the previous bookkeeper has no explanation. Cash and bank accounts appear to be in order, but I need to credit the respective property accounts to remove these properties. What account should I debit? One accountant suggested debiting the Retained Earnings account. Can I use Retained Earnings for other adjustments as well?

August 20th, 2023