When is the recipient deemed to have inherited contested assets, on the date of death or the date the lawsuit is resolved? Additionally, when is form 3520 (foreign inheritance) due?
March 14th, 2023
We have added landscaping to one of our company offices, including a small expansion to the sprinkler system and several trees, rocks, and shrubs. Can I depreciate this over time or is it a one-time expense item? If I do depreciate, should the amount be added under General Ledger asset - building or General Ledger asset - furniture and fixtures? The amount is significant, about $7,000, and we are on an accrual basis of accounting.
May 27th, 2023
I received a 1099-B from my broker. On line two there’s an amount of $49,604.00. How do I treat that on my 1040?
November 22nd, 2024
Do you pay a reduced MA income tax if you live in MA and work in NH?
May 19th, 2024
Does my mother have to claim the financial contribution I put towards the household as rental income or any income on her yearly income taxes if I am on the deed but not on the mortgage?
September 30th, 2023
I am currently receiving approximately $10,000.00 in retirement benefits and drawing my Social Security. I withdrew $6000.00 from my 401K, of which $1800.00 was withheld for taxes. I have been offered a temporary job for 7 weeks that would earn me approximately $3000.00. Will this affect my Social Security, and will I have to pay tax on my Social Security benefits?
February 19th, 2023
In 2013, my future employer gave me money to cover transition expenses and future moving expenses, which was reported on a 1099-MISC. I was not an employee until 2014. In 2014, I incurred all my moving expenses and started the job. Are those moving expenses deductible in 2014?
June 2nd, 2024
I'm looking for a chart to determine the Required Minimum Distribution (RMD) for an inherited IRA. My father died at 94 in January 2011, and I turned 71 in July 2015. Additionally, I need to understand how the rate of return affects the RMD calculation and whether it is based on this specific IRA or all of my IRAs combined.
July 8th, 2023
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April 2nd, 2024
I have a client with a real estate business. He purchased a house for $210,000 and sold it for $250,000. Since he is a single LLC member, I'm filling a Schedule C but how do I treat this profit? Should I use the purchase price as a "cost of goods sold" and the $250,000 as gross income?
September 22nd, 2024