asked
Will my husband and I get any money back from the IRS, or will we owe? We file married with one dependent, a 19-year-old in college who made about $5,000 with taxes taken out. Our deductions total $3,500 for medical and $4,800 for real taxes on two homes. The second home is rented to our daughter and is worth $55,000 while we owe $86,000. Interest on both homes totals $9,500. I have no income; my husband's SS is about $14,000, and his pension is about $14,000 with no taxes taken out. Will we owe taxes because no federal taxes were taken out of his pension, or will we have enough deductions to get money back? We have more deductions; we were just giving you an idea. Should we have his union take out money from his December pension check to ensure we owe no money to the IRS, and if we do, how much should we tell them to take out? Or is this even worth it?
March 10th, 2024
Is it possible to resell a 1031 exchange property soon after the exchange, and what kind of taxes would I have to pay on the resale?
January 21st, 2023
My sister passed away in February 2012. She had funds in a retirement account where the beneficiary was her estate. I received a Schedule K-1 for my 50% share of those funds. Do I need to pay taxes on this since it was an inheritance and I was not a direct beneficiary of the retirement accounts but her estate was?
April 3rd, 2023
I can't find my tax information from 2003. I thought maybe it would be easy to get it off the internet.
January 18th, 2023
Is it essential to declare entire global property in income tax declaration or only that which gives returns by a green card holder?
July 21st, 2023
I gave a friend a $15,000 loan with no interest and am considering giving another friend a $10,000 loan with 3% interest. What are the tax liabilities if I loan a total of $25,000 this year?
September 12th, 2023