TaxAudit Blog

Tag: 1099

Sold House

Can step-up basis be claimed on a home you never lived in?

Two siblings were listed on the title of a home with their mother. She died and the siblings sold the home and distributed the funds to the other siblings.

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Last Will and Testament

Tax Filing Forms for Inherited Foreign Non-US Property

I inherited a property located in foreign country from non-US relative, do I need to file 1099-S? I did not receive 1099-S since the property is not in USA.

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1099-S Form

How do I put a 1099-S (inherited home sale) on my IRS taxes?

When you inherit real property, like a home, then for tax purposes the beneficiaries receive what is called a “stepped-up” basis.

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Form 1099-Misc

How do I add a 1099 after filing?

For 2018 taxes I did not add my 1099. The IRS is saying I owe. How can I remedy this? I have the 1099 ready to add.

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$100 bills with magnifying glass and stock price chart

Employee stock options from your employer

Your company offers you employee stock options. The paperwork says they are Nonqualified Stock Options (NQSO’s). You don’t quite understand what that means...

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Couple sitting in chairs relaxing on the beach

Beach Blanket Bingo: Tax Style

You remember you hit the snooze button on preparing your 2014 return in April and decided to file an extension, instead. 

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warning sign

IRS Issues Notice Warning Businesses about Backup Withholding

Businesses subject to backup withholding can rectify the problem by contacting their payment card processor or third party settlement organization.

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Ocean

We are contractors. How do we report our income?

We have been asked to build some basic boxes to be used as a stage for a company. They plan to pay us but are not placing us on their payroll as employees.

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Tips

Five tax tips to help you avoid an IRS audit

Here are some simple tips to help you reduce your audit risk: Proofread your tax return A mistake on just one figure or item can present IRS audit flags…

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