Personal Taxes
The most frequently asked tax questions related to Personal Taxes
Inheritance tax question
Asked Tuesday, April 14, 2026 by StephanieI need to know what to complete for an inheritance I received. (It was land split with family members) and sold in 2025. I received a 1099-S and am filing on my own but do not know where to go to add this information in my taxes.
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Itemized deduction for partial rental
Asked Sunday, April 12, 2026 by Syed ShahriarI have a 5 bedroom home and want to rent out 3 bedroom, but i won't live in the other 2 rooms, just keep them vacant and rent a different place. I live in california and my mortgage is around 850k. I am wondering how will by itemized deduction will look like in that case. I earn 400k per year.
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LLC to offset W2
Asked Sunday, April 12, 2026 by Syed ShahriarHi i earn 400k per year married filing jointly, i have a primary home which i am renting out. i live in california. My cpa recently told me something about creating a mutliperson llc , so that i can offset my w2 income. My home price is 1 million with around 850k loan at 4.125% interest rate with 12k yearly property tax. Can you suggest what he was talking about
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Owed IRS tax refund/Never has happend
Asked Friday, March 27, 2026 by PAULThis year my wife and i had to PAY the IRS. I had almost $6500 of tax withheld. She had barely anything at about $750. What does she need to fill out on her W2 so this will stop,and we will get a refund. I also have another side job and that job took $0 out for withheld taxes? Thank you.
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Capital gains for forfeited security deposit
Asked Tuesday, March 24, 2026 by BharadwajI listed a home for sale in California where I lived for the last 3 years. First buyer paid earnest deposit of 3% and decided to back out from the contract by forfeiting the security deposit. I received 100% of the deposit. Within a week, i got another offer and ended up selling the home. My total gain (home sale gain+ forfeited deposit) is less than $500k from this transaction. Can the forfeited deposit be considered as capital gain or should it be considered as an ordinary income?
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HOH eligibility
Asked Friday, February 27, 2026 by ChengchouI believe I qualify for Head of Household (HOH). Here is why I meet the criteria: Considered Unmarried: My spouse is a nonresident alien (NRA), and I am not choosing to treat her as a resident alien for tax purposes. According to the section "Nonresident alien spouse" in Publication 501, I am "considered unmarried" for HOH purposes. Qualifying Child: I have a daughter born in September 2025 abroad. Although she is an NRA and has never been to the U.S. (not met the dependent requirements,she has
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Capital gains
Asked Sunday, January 25, 2026 by ScottIf I make $54000 in pension income and this is my only income, how much in long term capital gains from the sale of stock can I have and still be in a 0% capital gains bracket
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Tax Management and Options for Financial Hardship
Asked Friday, January 16, 2026 by MonserratI would like advice on strategies for managing federal tax payments and ensuring compliance while on an installment plan with the IRS. Additionally, what options are available for individuals facing financial hardship regarding their tax obligations?
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Retirement accounts
Asked Thursday, January 08, 2026 by RickHi I have questions regarding distributions from an investment account. If I move to another financial institution what are the taxes? If any? Thanks