A person I buy about $20-30k in phones from a year does not want a 1099 and prefers cash. If I send a 1099 to them, I may lose their business. I am okay with taking a $250 hit per year if I am audited for not sending a 1099 to them, but can I get in trouble if they are avoiding paying income tax as I didn't issue them the 1099? I don't want to lose their business by sending a 1099, but don't want to get in trouble and caught up in their possible tax avoidance.
August 15th, 2024
I am getting divorced and my spouse is keeping the marital house and land and will deed me a portion of his interest in land that he has in a trust with his cousins, who will "buy" my interest at the fair market appraised value. What can I do to avoid paying Capital Gains on this money?
January 6th, 2024
Can I use my self-directed solo 401(k) to finance a property for a client where I will also receive a commission and a consulting fee, without violating the prohibited transaction rules?
April 1st, 2023
What are the advantages to the donor of donating stock to a qualified charitable organization, and does the individual have to record the unrealized gain on the stock?
June 23rd, 2024
I owe $13,000 in taxes. Can I take money out of my traditional IRA with a brokerage firm, then open a Roth IRA, and deduct the amount as a contribution on my taxes?
May 5th, 2023
Last year, I spent over $8,800 on my adult son's dental work. He lost his job and will not be able to pay me back. Can I use this as a medical deduction on my taxes, especially since he is in jail and about to undergo a psychiatric evaluation? He has disabilities but has been able to work as a laborer and is not my dependent.
October 8th, 2023
If a person works and receives $2000 monthly, and their Social Security (SS) is $1300 monthly, how does this affect them financially? The person retired at 62 and just turned 65.
April 25th, 2023
When will I receive my stimulus payment? I filed my paperwork at the IRS office in Knoxville, TN on 4/7/2008, filled out 2 exemptions, and filed married. I am supposed to get back $600. Can you check on it for me?
April 14th, 2023
If I convert some of my assets into gold coins or bullion, can I avoid paying taxes (income, capital gains, or VAT) on any type of gold investments?
May 28th, 2023
My grandmother had a trust of 200 acres of land that was dissolved in December 2009 for fair market value. My siblings and I are the heirs. My father passed away in May 2009, and the trust lawyer suggests that if we put the proceeds in my father's estate instead of directly to us, we may not have to pay capital gains. Does this strategy work, and how does it affect the estate taxes and capital gains tax?
January 19th, 2024