Generally speaking, any money you inherit from a parent is not taxable on your federal tax return. Do not include in taxable income money you receive in gifts or inheritance. (IRS publ 17, page 89) However, if the property later gains in value, the increase may be taxable.

Good start, tamarind. The rules for deducting Home Mortgage Interest include the requirement that you be liable for the loan. She is on the deed, so she meets that rule. If she meets the other tests for the deduction, she can claim the deduction. You can do the algorithm on page 3 of IRS publication … Read more

You did not state who is asking for a W-9 form, or for what reason they are requesting it. A person (or business) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) or SSN to report, for example, income paid to you, real estate transactions, … Read more

The child tax credit is an extra $1,000 reduction in your taxes per eligible child. If you do not have enough taxable income, and therefore not enough taxes to reduce, the Additional Child Tax Credit may apply to you. The additional child tax credit may give you a refund even if you do not owe … Read more

If you have an amount in box 7 of your 1099misc, you received this form instead of Form W-2 because your employer did not consider you an employee and did not withhold income tax or social security and Medicare tax. Contact the payer if you believe this form is incorrect or has been issued in … Read more

To claim a person as a dependent, they have several rules and tests to pass. The first is they have to be a U.S. Citizen, or resident alien. They cannot be claimed as a dependent on another return. They also have to be a "Qualifying Child, or Relative".  Based on his age, I went to … Read more

First of all, congrats on your wedding! Hope you enjoy your marriage as much as my wife and I. Twenty two years this year, and counting. As to the tests regarding Head of Household filing status, the first rule is you must be unmarried, or considered unmarried. You are considered married the entire year if … Read more

The most important thing to do when you have gout, is that doctors will only prescribe medication. I found that the best treatment, even better than meds, is to soak the joint (usually the ankle) in water as hot as you can stand for as long as it is hot. Then do it again. The … Read more

To get a free transcript of any past year return, call the IRS 800-829-1040, and ask for individual accounts. You should receive it in 7 to 15 business days. If you only need information off of it, ask them for it on the phone.

Yes, it is possible to claim your girlfriend as a dependent, not as a spouse. The rules for claiming a dependent are found in IRS publication 17, chap 3. It states that she has to be a U.S. Citizen or resident, and neither you nor she can be claimed as a dependent on another return. … Read more

The rules for claiming a dependent are found in IRS publication 17, chap 3. It states that to claim a person as a 'Qualifying Relative' they have to pass 4 tests: 1) not be a qualifying child (she is not your child) 2) Member of the Household test (She must live with you all year) … Read more

All W-2s must be issued by Jan 31st for a given year. If you have not received it by 14 Feb, call the IRS at 1-800-829-1040. Ask for individual accounts. They can send a form to the issuer, and send the taxpayer a sub for the W-2 to, if needed, reconstruct a W-2. If you … Read more

First of all, congrats. Having a baby is a Big responsibility. The IRS recognizes that fact by giving tax breaks for parents. The first is an additional exemption for the family. Exemptions tend to reduce the tax liability of the taxpayer by reducing reported taxable income. Other tax help comes from the credit for child … Read more