Skip to main content
61 votes

Paying $185k back rent to sister - can I claim in taxes?

This is way too complex for a DIY. You need an attorney ASAP. With the amounts involved (hundreds of thousands of dollars), you may be able to get an attorney on commission (i.e.: you don't pay ...
littleadv's user avatar
  • 177k
29 votes

Paying $185k back rent to sister - can I claim in taxes?

I think you can't be charged "back rent". For most of the time you were there your mother owned the house and so could live there rent free. If she allowed you to live in the same apartment ...
DJClayworth's user avatar
  • 33.6k
15 votes
Accepted

Employer not sending corrected W-2. What can I do?

What are my options if they don't send me the corrected W-2? What happens if I don't file my taxes by October 2023 for any reason? The IRS has guidance: W-2 - Additional, Incorrect, Lost, Non-Receipt,...
mhoran_psprep's user avatar
15 votes

Donated $500 to a charity but didn't get an official receipt

Contact the charity and ask them to send you a receipt. If they're legitimate they shouldn't have a problem doing that Note that not all gifts to all charities are tax deductible. Or they may only be ...
keshlam's user avatar
  • 48.2k
14 votes
Accepted

Overwithholding due to wrong address

I have asked the company to send me the corrected W2 form, but they are not responding. If this is for income received in 2022: The company should not be issuing a corrected W-2. The purpose of the ...
mhoran_psprep's user avatar
11 votes

Federal income tax as nonresident alien working outside of USA remotely for US employer

Is it possible to get refund for all federal tax withheld (including FICA taxes) and how should I file tax refund for 2023? (currently not paying tax to home country) You can potentially get refund ...
littleadv's user avatar
  • 177k
10 votes

Paying $185k back rent to sister - can I claim in taxes?

Your question is so weird. You seem focused on the wrong thing. $185k in back rent sounds completely bonkers. But to answer your literal question of "can I claim that on my taxes"; talk to a ...
Raven's user avatar
  • 702
9 votes
Accepted

All up front rental payments impacting taxes?

This is not entirely how it works, but it can cause some temporary cash-flow problems due to taxes shifting. When you're paid for a whole year at once, you as a cash basis taxpayer recognize the ...
littleadv's user avatar
  • 177k
8 votes

Why is the IRS asking about digital assets?

The IRS added this question because people were not considering trading in digital assets as a taxable activity. In fact, in its origin, crypto currencies were peddled as a tax evasion scheme. Many ...
littleadv's user avatar
  • 177k
7 votes

Making separate individual estimated tax payments when married filing jointly

You definitely do not need to file separately even though you made separate estimated tax payments. Ideally, estimated tax payments for a married couple filing jointly would be made through the ...
Craig W's user avatar
  • 15.9k
7 votes
Accepted

Clarification Needed: Calculating Taxes and Rental Income for Buy-to-Let Property Investment in Berlin

No, you cannot apply the average taxe rate of 27% to additional income. However, good news, you can also depreciate your apartment. The tax is progressive: for 2023, you pay 0% on the first 909€ ...
Solarflare's user avatar
  • 2,663
7 votes

I filed my taxes not knowing I was being claimed as a dependent meaning that the Head of Household will have more deducted than before

In order to amend a mistake on your tax return you file... an amended tax return. Here's the IRS page on amending returns, with links to all the related information and instructions you might need.
littleadv's user avatar
  • 177k
6 votes
Accepted

Taxes, personal mortgage loans, and interest. IRS Form 1098?

See the instructions for line 8b on your Schedule A, which exists for this scenario: Seller financed mortgage. If you paid home mortgage interest to the person from whom you bought the home and that ...
littleadv's user avatar
  • 177k
6 votes

How do I value items for charitable deductions?

If it would sell on eBay or at the bookstore for $30, then that's the FMV and you would use that amount for your tax return. The IRS has a nice guide for determining FMV of donated items if you want ...
Hart CO's user avatar
  • 70.5k
6 votes
Accepted

In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?

The self-assessment process can essentially be viewed as a correction to the PAYE process. When you self-assess, part of what you report is you all your income including your PAYE income, and the tax ...
GS - Apologise to Monica's user avatar
6 votes
Accepted

Are interest and penalties due to the IRS when there is an automatic extension due to emergency?

The disaster relief allows postponing deadlines to file and to pay. For much of California, the deadlines to file and pay 2022 taxes have been postponed to November 16, 2023 (after the initial ...
littleadv's user avatar
  • 177k
5 votes
Accepted

How do I value items for charitable deductions?

The simplest answer is to find evidence of what that product, used, in that condition, commonly sells for. The best tool I know of for that purpose is actually eBay's option to show you "...
keshlam's user avatar
  • 48.2k
5 votes
Accepted

Making separate individual estimated tax payments when married filing jointly

You can make separate estimated tax payments and still file a joint return. If you file a joint return, you would add the estimated tax payments each of you made. The form 1040 instructions for line ...
user102008's user avatar
  • 17.3k
5 votes
Accepted

Deferring Tax on Social Security payments

An AARP document suggests considering: Prioritize withdrawals from tax-free retirement accounts. Donate your RMDs to charity. Take IRA or 401(k) withdrawals before claiming Social Security. Make tax-...
keshlam's user avatar
  • 48.2k
5 votes
Accepted

Recently my mother died - how to handle her living trust account - Does the date of trust formation change?

When I was applying for the EIN number, it asked me when the trust was created. I put the date the revocable trust was created not the date my mother died. Was that wrong? Yes, because revocable ...
littleadv's user avatar
  • 177k
5 votes
Accepted

Moved from CA to WA, will CA refund me all the withheld payroll taxes?

You would be considered a part-year resident of California and will need to file CA Form 540NR to determine if any of the CA state withholding will be refunded, or if you owe more. CA tax is ...
Craig W's user avatar
  • 15.9k
5 votes

Can I apply estimated tax payments in my name and SS number for the year to spouse who will file separately this year?

You'll both need to attach a statement to your respective tax returns with the allocation of the estimates made. See the IRM 3.11.3.14.2.31: A statement is present on or near line 26 indicating the ...
littleadv's user avatar
  • 177k
5 votes
Accepted

How to amend 2023 federal return after refund has been issued?

It doesn't matter if your refund was already processed or not, you'd do the same thing: file an amended return with a payment for the difference calculated from the original return. You can provide ...
littleadv's user avatar
  • 177k
4 votes
Accepted

Do financial advisors paid by the hour exist?

Yes, there are hourly advisors that do exactly what you're looking for. The issue is finding them since the majority are still AUM based (require asset management, usually charge a percentage of ...
Stan H's user avatar
  • 7,551
4 votes

Can an individual filler use accrual method for federal tax purposes?

Individuals can use accrual basis, but whichever method is chosen by filing your first tax return, subsequent accounting method changes must be approved by the IRS. See a similar question here and MTA'...
Stan H's user avatar
  • 7,551
4 votes
Accepted

Roth vs Traditional 401K when paying income tax in two states

At the state level you should not have to pay income tax to both states for the same dollar of income. One issue is will your employer in Connecticut withhold New York State income tax, but that only ...
mhoran_psprep's user avatar
4 votes
Accepted

How to correct a Roth conversion pro-rata rule mistake on form 8606?

I have an after-tax IRA and pre-tax IRA No, you don't. There's no such thing as "pre-tax" IRA or "after-tax" IRA, there's only... IRA. There are two types of IRA: "...
littleadv's user avatar
  • 177k
4 votes

Can only the individual version of this health plan be a High-Deductible Health Plan?

Is the plan being advertised as an "HSA" or "HDHP" plan? There are more requirements than just the deductible that need to be met to be compatible with HSAs. The deductible you ...
Ben Miller's user avatar
  • 116k
4 votes
Accepted

If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?

https://www.taxtips.ca/qctax/federaltaxabatement.htm Under an agreement between the federal government and Quebec, most Quebec taxpayers get a federal tax abatement (reduction) of 16.5% of either ...
brian's user avatar
  • 1,737
4 votes
Accepted

Lack of response by FinCen?

If you're an individual filer with less than 25 accounts you need to file the form with the accounts listed in Part II. If you look at the form, the Part II starts on the first page with the space for ...
littleadv's user avatar
  • 177k

Only top scored, non community-wiki answers of a minimum length are eligible