Hello, My husband, who has sole custody of his daughter lives in Missouri and I live in Oregon (for the time being and there’s more to the story that will not be further discussed here). My husband does not earn income, he receives his veterans GI disability benefits - I have two questions; one, can we file jointly? Two,…
I bought a home with someone to whom I was NOT married. I lived there for a few years. Then I moved out, and at that time I agreed to postpone a sale, as he was not ready to move out and couldn't afford to buy me out. I bought by own house with a mortgage. Eight years after I moved out, he finally agreed to sell. I was…
I recently got a new, higher-paying job that I expect to have next year. (hired in August). I will most likely be in a new tax bracket this year and probably an even higher one next year. What are some of the things I can do to minimize my taxes paid overall? I am not concerned about taxes in a particular year; I would…
What are the tax consequences in receiving Canadian dollars (18,000 usd) from aunt's who passed away?
My tenant moved out at the end of 2023 where I only rented out my basement of my house. I had decided not to continue renting out any part of my property anymore in 2024 and would like to convert the basement section back to part of my personal property for personal use. How do I do that when I file my taxes? Jumping…
Hi - I was recently laid off from my job. As part of the severance agreement, I received a COBRA stipend of $4000. If I choose not to purchase COBRA insurance, will I be penalized or will it simply be added to my taxable income for 2024? Also, I received 4 months of severance in one lump sum which put my yearly wages…
There was no punitive payments
Am I allowed to take a distribution/withdrawal from my 529 Account for tuition from a previous year. I've reviewed Chapter 7 of IRS 970 Publication as well as the FAQ's provided by IRS 529 FAQs and there is no mention of a timing requirement where the qualified expenses have to occur in the same year as the withdrawal. I'm…
My mom sold her primary home (in NV) this year. I jointly owned this house with her (from original deed, over 20 years ago), but it was her primary and not mine (I live in a different state). The capital gains was <$250k. She obviously doesn't have to pay CG since it's her primary home. But do I?
This year we sold some inherited mineral royalty rights, that we have had about 10 years. No idea what the value was then. Will we need to pay some sort of capital gain on the purchase amount of $16,000? Not sure if the company that bought these will send us a 1099 or not. We have included the small amount of revenue…
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