Can my wife and I file taxes as married/jointly if we have received a legal separation sometime during the year in California, despite being amicable and still married?
August 11th, 2023
Good Evening, I am preparing a tax return where the taxpayer received a living stipend of $17,000 with no tax form given, just a deposit into their checking account. How do I report it? I have researched Publ 970 and it doesn't specify, only that it is taxable. I have read different approaches: either entering it on Line 21 Other Income, Schedule C as an independent contractor, or Line 7 under wages and salaries. Line 7 does not fit since there are no taxes withheld against it. If it is Schedule C, what expenses can I deduct from it—rent, utilities, cell phone? And do I have to calculate SE taxes as well? Line 21 seems like the obvious choice but I'm not sure. Peter, Brooklyn NY
August 11th, 2024
I am inheriting $6,000,000 USD from a deceased uncle who lived in Malaysia and died in 2004. The total inheritance is over $18,000,000 USD, and I am supposed to remit $12,000,000 back to an attorney, who was his best friend, due to a verbal agreement to disperse these funds to my late uncle's harem of girlfriends. If I wire all the monies into my account in Reno, Nevada, and then send $12,000,000 USD immediately back to his account, will I have to pay taxes on the $12,000,000 USD? Also, what kind of problems could I get into for sending this money to him, considering that I am not legally obligated to do it?
April 1st, 2024
I'm unable to file my 2020 tax return because the IRS says my adjusted gross income is incorrect. I've checked my 2019 form and entered the amount from line 8b, but it's still being rejected. I'm married filing separately and have one dependent. What could be causing this issue and how can I resolve it?
August 18th, 2024
I need help filling out CA Form 568 for a Limited Liability Company, specifically sections B, C, D, and I. My LLC is registered but not operating, with no income or expenses, and I need to pay the $800 LLC fee. What should I put for these sections, and do I need a CPA to sign off on the form?
October 13th, 2024
We purchased a home in 2002 for $67k, lived there until 2010, and had it appraised at $110k in 2010. We refinanced for $95k and later the home burned down in a fire with no insurance reimbursement. We paid off the mortgage ourselves. We still own the property, which is now an empty lot valued at $20k. We may sell it for around $110k. Will we have to pay taxes on the sale, and is there any way to claim the loss retroactively?
December 16th, 2023
Where is my refund? I am located in TX, 51 years old, single, and made $3000 this year.
October 27th, 2024
I need an IRS letter or web confirmation of my employer identification number 54-1550936 for Trident Food Service Equipment Corp. How can I obtain this confirmation?
July 4th, 2024
My husband and I sold a piece of commercial property and will have capital gains on the property. We have not deposited the check from the title company yet. If we don't deposit it, will it still count toward income this year? Also, is there anything that I need to do to lessen the tax that will need to be paid? We file married, joint, and have a sole proprietorship service business.
February 10th, 2023
From a QuickBooks balance sheet, why would there be a net income entry under the category of equity?
September 12th, 2024