Personal Taxes
The most frequently asked tax questions related to Personal Taxes
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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Clarification on California-Source Income for Nonresident Filing
Asked Monday, March 16, 2026 by Akramside the U.S. all 2025, no work in CA, filing as CA nonresident. Received W-2 sick/vacation/holiday wages, W-2 short-term disability from NY insurer with CA employer-paid premiums, and online bank interest. Taxable by CA?
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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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mortgage interest deduction
Asked Monday, December 29, 2025 by FrederickI 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?
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Interest deductions
Asked Friday, December 26, 2025 by FrederickI 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?
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Inherited mineral rights
Asked Sunday, December 07, 2025 by FaithI 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?
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Receiving income as Contracted status
Asked Wednesday, August 27, 2025 by ChrisI 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.