My ex-husband and I filed taxes jointly throughout our marriage, but he claimed more exemptions than he should while I didn't, resulting in us owing taxes every year. He filed for an installment loan with the IRS each year, which was granted. In our divorce decree, he agreed to pay all old taxes, but the IRS is taking my refunds to cover the balance. Is there a way for me to get my money back and be separated from his tax issues? This occurred while we lived in multiple states, none of which are community property states. Would filing an innocent spouse form work for this scenario?
May 22nd, 2023
When reporting capital gains based on 1099-B forms from different brokerage firms, how should taxpayers accurately calculate and report the gains, especially when wash sales and adjustments are involved?
January 5th, 2023
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February 23rd, 2024
My wife and I purchased our daughter's home from her at market value in 2016. My daughter and her family remained in the home, and they used the proceeds from the sale to build an addition for my wife and me. All mortgage payments have been made by all of us, and they were added back on title about 45 days after the sale. The IRS sent a notice asking why the sale was not reported on their 2016 1040. They had only lived in the house for one year. Is there any way this can be considered a non-sale since they never left the house, all proceeds were used for home improvement, and they are still on title with my wife and me?
August 29th, 2023
I receive a pension from Italy and declare it to the IRS. Due to a bank error, my pension payments were sent to the wrong account and have been suspended. The Italians sent me a document showing the Euros I should have received instead of the Euros I actually received. How do I justify not declaring the whole sum to the IRS?
June 27th, 2023
I am a CPA with little experience in employee stock option plans. I am working on a return that shows the basis, and supplemental data shows the increase in basis for income. It's an employee stock purchase plan, and I'm reporting income from selling it too soon. I understand that part, but I'm confused about the entire basis being shown in box 12, coded V, not just the bargain element. The basis is 1204, and the box 12 number is *****. If I add the 1210 to the 1099, I will get an artificial loss. Fidelity handles the account, and I feel the supplemental numbers they gave us were correct, but I don't understand the box 12 number, coded V. Is it possible they just have the box 12 number as inform?
July 24th, 2023
I received a PPP loan and recently the loan was forgiven. Can I deduct the expenses I paid with these funds and not include the loan forgiveness as income? Additionally, does this treatment apply to my Economic Injury Disaster Funds (EIDL) grant as a result of the Covid-19 pandemic?
May 3rd, 2023
How can I report my husband's death to Social Security?
November 25th, 2023
I am concerned about the status of my electronic tax refund filed on March 23rd. I am a 76-year-old retired individual with no dependents, and I am located in Ohio (45377). I do not have access to my income details at the moment. What should I do to track the status of my refund?
October 7th, 2023
I'm having trouble figuring out how to file my taxes this year and haven't been able to get into an office. I'm located in Alamogordo, NM, I'm 41 years old with dependents, and I normally file as head of household. This year, I was out of work with my normal job but started picking up side work as a musician doing parties and events. What should I know about filing my taxes in this situation?
August 17th, 2024