Join the 9 million people who found a smarter way to get Expert help

Recent Indirect Tax Laws questions

Pursuant to a divorce decree, I sold a rental property in

Pursuant to a divorce decree, I sold a rental property in December 2016 and split the proceeds (as required by the divorce decree) with my ex-spouse. However, because I was sole owner of the property (I acquired it before getting married), the settlement company issued the Form 1099S, with the full sales price, only to me. My ex-spouse received half the proceeds but did not receive a Form 1099 from the settlement company. To protect myself, my inclination is to issue a Form 1099S to her, to assure that she (i.e., her tax preparer) plans on reporting half the gain on the sale on her tax return. The total gain is going to be significant (probably > $200,000), so I do not want to have to report the full amount on my tax return. Is this the appropriate course of action?

Read more

Charles Markham

Principal

Masters Science Taxation

590 satisfied customers
Is there a way to file big ticket items I have purchased

is there a way to file big ticket items I have purchased during the yearJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have heard of rebates for big ticket purchases and even some smaller item and I would like to know what qualifies and what forms are needed to claim with my tax return.JA: Is there anything else the Accountant should be aware of?Customer: Like what?

Read more

Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I have a question about claiming a dependant. My boyfriend

I have a question about claiming a dependant.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My boyfriend lived with me all last year and I pay for more than half of his living expenses. He is not on my lease. Can I claim him as a dependent?JA: Is there anything else important you think the Accountant should know?Customer: No

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,962 satisfied customers
My Son is in the military and got a $50,000.00 bonus does he

My Son is in the military and got a $50,000.00 bonus does he get taxes on itJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: my son is a marine in Okinawa Japan but he got the bonus when he was at school in FloridiaJA: Is there anything else the Accountant should be aware of?Customer: no

Read more

Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I had an error on my 2014 taxes and am paying $5k on an

I had an error on my 2014 taxes and am paying $5k on an installment plan. I know this year that will come out of my 2016 refund. Do I report the amount I owe on my 1040 or do they just know to take it out of my refund?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I'm filling out my son's 1040. Both he and I own our house

Hi. I'm filling out my son's 1040. Both he and I own our house and both of our names are ***** ***** Home Equity loan we have on it. I don't pay taxes as I am disabled butmy son does pay taxes. The H&R Block site is asking if he mortgage interest. The 1098 we received for the tax info only has my name on it even though my son helps pay the taxes.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Can he put on his 1040 that he pays (remember it is in his name also, just not on the 1098) even though the 1098 form only has my name on it? Thanks.

Read more

Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
Can you right off a financial loss if you cancel a universal

can you right off a financial loss if you cancel a universal life policy that has a cash value, because the surrender rate is so high?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: i have two 1,000,000 dollar universal life policies, both with cash value. i initially invested 43,000 to pay premiums and start to build the growth. But, the premiums are way high and out of my budget at this time. I want to cancel, but the insurance co. says they will keep my 43,000, if this is true, can I write it off as a loss??JA: Is there anything else important you think the Accountant should know?Customer: no

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I want to know something about the states tax. So my

hi, I want to know something about the states tax. So my boyfriend has his own business in Texas, and I'm in California right now. He wants to move it but the tax in california is too high. So it that illegal that he lives in with me in California, but his business is in Taxes, and he pays his income tax according to the Taxes state tax/JA: Has anything been filed or reported?Customer: you mean his tax record in Texas?JA: Anything else you want the lawyer to know before I connect you?Customer: no, that's just it

Read more

Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
My Mom recently signed someone onto her Condo by giving him

My Mom recently signed someone onto her Condo by giving him half of the ownership by signing a Quick Claim Deed. Is the person being added to the Deed responsible for any Gift taxes to the IRS?

Read more

Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
View more tax questions
In The News