Accountants Start Here

Personal Taxes

The most frequently asked tax questions related to Personal Taxes

Unanswered Tax Questions Bookkeeping and Write Up Business Formation Credits Deductions and Writeoffs Education Family Issues Frequently Asked Questions Health Care Home Ownership Investment and Finance Miscellaneous Non Resident Tax Issues Payments and Penalties Personal Taxes Retirement Self Directed IRA Small Business Tax Forms Tax Law Changes Tax Tips Terminology All Questions Ask a New Question

Personal Taxes

IRA Distribution

Asked Thursday, February 05, 2026 by THERESA

My mother passed in June 2025 and I need to take one of her IRA distributions, and they are asking me to find out how much tax they should withhold. It was supposed to be taken last year. I am 62 years old, on disability, have no other source of income right now, single, no dependents. The amount of distributions is $42,104.97. How much appx should I ask them to withhold? Thank you

Quick Answer:

Based on your situation (single, 62, no other income, no dependents) and using 2024 federal income tax rates as an approximation (2025 rates
Read More

Personal Taxes

Mineral Rights FMV Calculation

Asked Monday, February 02, 2026 by Faith

What is the proper way to calculate FMV of mineral rights. I inherited mineral rights from my dad in Feb 2009 and it wasn't probated until 2025 with no will. My stepsister inherited from her mother who died in Aug 2022 and she signed a quit claim deed for her portion to me. I sold these mineral rights in Aug 2025. Do I calculate 1/2 from 2009 and half in 2022?

Quick Answer:

To determine the basis for calculating gain or loss on the sale, you need to establish the Fair Market Value (FMV) of each distinct portion of the mineral rights at the relevant date of
Read More

Personal Taxes

Interest free loan without imputed interest to lender

Asked Sunday, February 01, 2026 by Steve

A parent wants to give his son an interest free loan. 1. The parent wants to avoid pay taxes on the imputed interest associated with the loan. What options does the parent have regarding the non-existent interest? 2. The son is married. Does filing "married filing jointly" complicate the tax situation?

Quick Answer:

For an interest-free loan from a parent to a son, imputed interest rules (IRC Section 7872) generally apply, meaning the parent could be deemed to receive taxable interest income
Read More

Personal Taxes

Capital gains

Asked Sunday, January 25, 2026 by Scott

If 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

Quick Answer:

Assuming you are a single filer for the 2023 tax year: 1. Your gross pension income is $54,000. 2. Subtracting the standard deduction for a single filer ($13,850), your taxable income from the pens...
Read More

Personal Taxes

Tax Management and Options for Financial Hardship

Asked Friday, January 16, 2026 by Monserrat

I 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?

Quick Answer:

For managing an IRS installment plan, critical strategies include making every payment on time to avoid default. It's also essential to file all future tax returns on schedule and pay any new tax liab...
Read More

Personal Taxes

mortgage interest deduction

Asked Monday, December 29, 2025 by Frederick

I have recently paid off a large portion of my reverse mortgage which included a significant amount of interest charges. Are the interest charges deductible and if so can the amount be carried over from one year to the next?

Quick Answer:

Interest paid on a reverse mortgage is generally not deductible until the loan is fully repaid. This means that even if you've paid off a significant portion, including accrued interest, the interest...
Read More

Personal Taxes

Interest deductions

Asked Friday, December 26, 2025 by Frederick

I have paid off a portion of my reverse mortgage which includes a large amount of interest. Is that interest deductible and can I carry over any of it into the following year?

Quick Answer:

Interest paid on a reverse mortgage is generally not deductible. For mortgage interest to qualify as a deduction, the loan proceeds must have been used to buy, build, or substantially improve your hom...
Read More

Personal Taxes

Inherited mineral rights

Asked Sunday, December 07, 2025 by Faith

I was contacted by a company to buy mineral rights that I was unaware of. My dad passed in 2009. I sold the rights to this company and had to probate the will this year. The mineral rights are in Wyoming and I live in California. Since we couldn't find a will, my stepsister inherited half the interest from her mom that passed in 2022 but she signed a quit claim deed to me. I'm having a valuation done. Do we need to value the rights in 2022 for her portion for tax purposes?

Quick Answer:

Yes, for the portion of the mineral rights the stepsister inherited from her mother, the fair market value (FMV) on the mother's date of death in 2022 is the relevant valuation for tax basis purposes....
Read More

Personal Taxes

Receiving income as Contracted status

Asked Wednesday, August 27, 2025 by Chris

I have contracted with a company for services and am receiving an income. I need to find out my tax liability for this income. Does it become part of my other income and reported with my income taxes? Do I owe quarterly taxes on it? It is not my only source of income. I am over 72 years old.

Quick Answer:

Yes, your contract income is part of your overall income and must be reported on your income tax return. Since it's not your only source of income, whether you owe estimated quarterly taxes depends...
Read More
  1. Home
  2. Ask a CPA
  3. Personal Taxes