Tag Archives: trustee

Profit on Vacation Home

Today TaxMama hears from Lucylle in the TaxQuips Forum, with this question. “We want to sell our vacation home in Maine and buy another.  Will we have to pay capital gains tax on it even if we buy another of equal value?”  

Bankrupt Without W-2

Today TaxMama hears from Andrew in TaxQuips forum, with this problem. “I worked for a company that went bankrupt; now I’m not getting a W-2. I didn’t keep my final pay stub. I have no way of knowing how much I made while working for the company. What now?”

Decedent 1099-C

Today TaxMama hears from Thomas in Maryland who tells us. “I was legally separated from my spouse 3 years ago. My spouse passed away 2 years ago. I just received a 1099-C tax statement addressed to her estate. Since I was legally separated, am I obligated to report the 1099-c amount on my taxes?”

Rental Property

Today TaxMama hears from Sue in Nevada with a couple of questions. “I inherited rental property and must prepare for the 2008 tax return. Do I use fair market value as the cost basis in figuring the depreciation? Also, how do I calculate depreciation?”

Avoiding Incorrect Self-Employed Retirement Deductions

FS-2008-24, July 2008 Retirement plans are not just for big businesses. They are also available for sole proprietorships. If you are self-employed small business owner, you can set up a qualified retirement plan for yourself and your employees. If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. […]

Sick and Divorced

Today we hear from Karen in PA who tells us, “ I just got divorced. I am entitled to $40,000 of hubby’s 401(k). I’m permanently disabled and haven’t worked since 2003. I need this money for necessities, but don’t want to pay early withdrawal or tax penalties. Because I’m disabled and receive a pittance from […]

Trustee Fees

Today TaxMama hears from Phil in South Carolina who tells us. “I manage my parents’ Trust and hold the Power Of Attorney for their estate. The Trust states that I am to be compensated for these services. Is there a general rule of thumb for compensation for these services?”