My wife & I both received checks from the settlement of a Class Action lawsuit. The lawsuit had to do with the retirement program offered by our former employer. Federal taxes were withheld from both of our settlement checks. I thought that I'd enter this income as Other Income but that option doesn't provide me with an…
In 2024, I had a property that we lived in for January and February, then rented out starting 3/1/2024 through the end of the year. Thus, I figured I had 60 days of personal use of the property and 306 days of rental use, about 83.6% rental use. My question concerns the allocation of expenses for the rental property…
My wife has income derived from sale of vacation home that was the sole asset of a partnership with her siblings that was dissolved last year. Her share of the net proceeds was reported as other income (Code S, Gain from long-term sch d) on line 11 of the partnership K-1. The partnership was not publicly traded. Free tax…
This is my first time having to complete the Net Investment Income Tax Information (Form 8960) because of capital gains on an investment. FreeTaxUSA automatically put in the dollar values in the section I copied and pasted below. Where did FreeTaxUSA get those dollar amounts? Can you explain how they come up with those…
Prior to my husband's passing, we set up a Transfer on Death instrument to pass his house to me. We made a verbal agreement that after his passing, I would pay out to his three children half the value of the house. Do the rules for me paying them their portions fall under the rule for Gifts? The amounts will be more than…
Is there a way to change the answer to "Did you materially participate in the operation…" on line G on Schedule C? It defaults to "yes" and I see no place to change that.
Hello, We had a land sale from my late mother's estate account in 2025. The estate account holds the proceeds of the transaction which will be distributed to each sibling at some point. We're hoping to have the estate closed by the end of this year or possibly 2027. Does each sibling have to document their share of the…
This year’s return is rare for me - I have both capital gains and losses. After completing my return I noticed that I wasn’t asked if I had gains or losses last year. Where on my return do I find the page/box to input that information? Thanks and regards, jakefromPA
I've been filing my freelance computer programming income as self-employment for the past 18 years (and it was my only source of income until 2019), but I'm now retired (72), living off Social Security benefits, and my programming work is only bringing in $2-3K a year. Would I be better off filing my programming income as…
I have recevied a check for a class action settlement I signed up for that is just under $500, it is a google settlement about personal data so it is not physical injury or paying funds owed. I am wondering about what the tax protocol for that is and am having a hard time finding that online. Just trying to plan ahead of…
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