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Recently Answered Questions
You don't have to file an amended return or contact the IRS. The IRS will contact you by mail and ask that you send the schedule. The IRS letter will have instructions on where to mail it....
The fact that you don't claim the exemption for a dependent child does not prevent you from using head of household status on your tax return. As long as you meet the other conditions for this status,...
Probably not. As part of the installment agreement, you agreed to have any future tax refunds applied to your outstanding bill. Of course, if the amount of the refund exceeds what you still owe, you'l...
Assuming your spouse died after 1981 and that your spouse was a U.S. citizen, you owned a "qualified joint interest" with your spouse. As such, your basis is 50% of the date-of-death fair market value...
Knowing your holding period enables you to determine whether gain or loss on the sale of the stock is short-term or long-term. Short-term is a holding period of one year or less; long-term is more tha...
Report the interest from these loans as you would report any other type of interest income. Depending on the amount of your interest, you may enter it directly on your return or need to complete Sched...
Yes. The big question is how much income do you have to report? Likely you'll receive Form 1099-MISC or other information return listing the value of the car that the IRS wants you to report as income...
Attorney's fees to produce taxable income are deductible. Since part of the disability payments is included in gross income, part of the attorney's fees is deductible. However, you treat them as a mi...
Yes. IRAs are taxed on unrelated business income. This may be received if your IRA holds an interest in a master limited partnership (MLP). This income is reported to an IRA owner on Schedule K-1 and ...
If the value of your wife's estate, including not only probate assets but also IRAs, life insurance owned by her, annuities, and jointly owned property, is more than an applicable threshold ($5.43 mil...
You don't have to file an amended return or contact the IRS. The IRS will contact you by mail and ask that you send the schedule. The IRS letter will have instructions on where to mail it....
The fact that you don't claim the exemption for a dependent child does not prevent you from using head of household status on your tax return. As long as you meet the other conditions for this status,...
Probably not. As part of the installment agreement, you agreed to have any future tax refunds applied to your outstanding bill. Of course, if the amount of the refund exceeds what you still owe, you'l...
Assuming your spouse died after 1981 and that your spouse was a U.S. citizen, you owned a "qualified joint interest" with your spouse. As such, your basis is 50% of the date-of-death fair market value...
Knowing your holding period enables you to determine whether gain or loss on the sale of the stock is short-term or long-term. Short-term is a holding period of one year or less; long-term is more tha...
Report the interest from these loans as you would report any other type of interest income. Depending on the amount of your interest, you may enter it directly on your return or need to complete Sched...
Yes. The big question is how much income do you have to report? Likely you'll receive Form 1099-MISC or other information return listing the value of the car that the IRS wants you to report as income...
Attorney's fees to produce taxable income are deductible. Since part of the disability payments is included in gross income, part of the attorney's fees is deductible. However, you treat them as a mi...
Yes. IRAs are taxed on unrelated business income. This may be received if your IRA holds an interest in a master limited partnership (MLP). This income is reported to an IRA owner on Schedule K-1 and ...
If the value of your wife's estate, including not only probate assets but also IRAs, life insurance owned by her, annuities, and jointly owned property, is more than an applicable threshold ($5.43 mil...
