My wife has had no income for two to three years due to her arrest. She owes back taxes, student loans, and back child support. I have always filed married filing separately and not claimed her as a dependent. I am afraid of losing my refund. What should I do?
February 5th, 2024
I built an office building in 1984 for $275,000 and just sold it for $470,000. The building is paid for, so there is no debt. What are the tax consequences of this sale? Is the gain considered long-term capital gains at 15% or ordinary income?
May 15th, 2024
Can I claim a gift or anything like that for the money I give to the mother of my daughter to help raise her? I am not court-ordered or anything to pay her; I just give her money.
December 10th, 2023
A gentleman received proceeds from the sale of a home that was his mother's. He lived in the home for several years and his sisters had to pay tax on the amount he paid them. He is in California and received a 1099-S from the title company for the proceeds. A CPA advised him on how much to pay his sisters, and he has a K-1 for over $90,000. He wants to claim the $250,000 exemption. Can he claim the exemption, and what documents does he need to have if audited to prove he lived there for over two years?
November 15th, 2023
I am trying to understand why there is a hold on my refund. I am located in Florida, have one dependent, and do not know my typical filing status or income for this year. Is there anything else the accountant should know before I connect with them?
May 14th, 2024
In Washington State, do I have to file my 1099-G form for Paid Family Leave for childbirth, and how should I include it with my tax return?
March 24th, 2024
Can one person take the itemized deductions for another person on their tax return if they are not married but live together and have a joint checking account? One person has excessive deductions while the other has few and not enough to exceed the standard deduction.
February 26th, 2023
If someone who resides in the Bahamas receives rental income from a property in the Bahamas and deposits this money in a personal account in the United States, is it true that they are not allowed to deposit these funds in a personal account but that they have to deposit these funds in a business account?
December 24th, 2024
My father died this year in England. I'm an American and live here. His estate has already paid its death duties and taxes there and my inheritance will be sent to me here. If he had died here, I would pay no tax on my inheritance since it is less than $400,000. However, he died offshore and my inheritance will be coming to me from England. Is it subject to taxation?
November 9th, 2023
I am renting a truck to my partnership. Do I pay self-employment tax on that rental income?
August 12th, 2024