The Dr. Friday Radio Show

Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers the caller's questions, and talks over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:27 Good day. I'm Dr. Friday and the doctor is in the house. And we're going to go ahead and go right on to the phone since Brian has joined the show already. Brian, there you go, buddy. All right. Sorry about that.

Caller 0:47 We've spoken before. I sent you a Facebook message I didn't know I wanted to be really super clear. I don't know if you had time to read it or not. But anyway, I've got a friend from the family. He's 20 years old, getting married, he and his fiancee make $15 an hour $60,000 household income. And they're not married yet. And they're going to build.

Caller 1:14 And I'm wondering if it is a good idea or just an idea to build a garage with an apartment and then use the garage as his shop's slash office slash storage facility? And if so, how much of his mortgage? Could he write it off? What kind of expenses? How much could he do to depreciate the property, etc?

Dr. Friday 1:41 So well guess there are two catches on that one, in my opinion. First, what I may have missed Brian, was what did what does this person do for a living?

Caller 1:53 He works in a factory.

Dr. Friday 1:55 Okay. So there would be no home office if he's working at a factory, right?

Caller 2:00 Well, no, he would be a lawn care, handyman.

Dr. Friday 2:06 Okay, so he's gonna be taking care of the property that he's staying on. Or the owners are going to give him room and board in exchange.

Caller 2:15 No, he's being deeded this property as a wedding present. And he's gonna have his own small business. He's gonna do he's going to mow yards. He's going to do handyman things and he's going to do tear-outs and Holloway's on flip houses.

Dr. Friday 2:32 Okay. Okay. So he's making a big change here.

Caller 2:37 He's gonna be employed, and he's going to be self-employed.

Dr. Friday 2:41 Right. Well, I mean, I guess the bottom line to that answer is if it is an actual buyable workspace, meaning a place where he is storing his lawn mower's a space where he is working invoicing, doing something that's legitimate, and the place that he can't sleep.

Dr. Friday 2:59 Because you can't have your bed in the same room that you're working in and because home office? Um, so that would be because you were talking about possibly the target portion of the garage and making it into his office space is what I was kind of hearing, but I want to make sure I was on the same page. Yeah, he would be able that.

Caller 3:16 Offices storage. Yeah.

Dr. Friday 3:19 He'd be able to take a portion of it, it would all be based on square footage. Um, so the downside t

Welcome to the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers the caller's questions, and talks over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday. Dr. Friday 0:29 Hey, I'm Dr. Friday and the doctor is in the house on this cold, crazy Saturday. I will tell you that it is definitely going to be one of those bitter days, which is great because I'm endorsed doing taxes. So you know, safe sound and a little bit crazy myself. But if you want to join the show, this is the time I know a lot of other people are probably choosing this day to do taxes. And if you have, you can reach us at 615-737-9986. Dr. Friday 1:01 And I can take your call here in the studio, hopefully, to make your tax season go as smoothly as possible. And then we'll be able to, you know, make sure that you're not missing out or filing or maybe you've had some pretty big changes. Let's be honest, this year has been a bit crazy. Quite a few home sales have quite a few people relocating. And unfortunately, I think probably out of my 20 plus years, a number of people that we have lost. Dr. Friday 1:27 So it's, you know, to just age or whatever. So it's one of those situations. So if you want to join the show, 615-737-9986 is the number and we've already got Dan from Mount Juliet. I appreciate your call. So let's see if I can help you out. Hey, Dan. Caller 1:47 Hello, Dr. Friday, thank you. I do my own taxes. And I probably don't do a very good job because they sent me a letter saying credit on account of over $1,400. And they have a notice CP80. Dr. Friday 2:03 Is that possible to say that's for last year? Damn, where do they say they haven't received your tax return yet? Why is it possible? Caller 2:12 I sent it in. Dr. Friday 2:13 I know, but what does the letter say? Just out of curiosity, does it say that we have a credit on account and we're looking for and it may be your 2019 2020 tax return? Does it say that in the letter? Caller 2:25 A signed copy. If you've already filed this return please send a newly signed copy to Dr. Friday 2:35 Yeah, so what tax year probably 2020. Because to be quite honest with you, you along with about 5 million other people. So you're not really feeling this too much alone, um, that they've sent those notices out? And actually, they got quite a reprimand from some of the other offices, because how can you send a letter out like that if you haven't processed all the returns yet, right? Dr. Friday 2:56 I mean, doesn't make a lot of sense. But my suggestion and we've gotten a couple in our office, that's the only reason I knew how to or what the letter was about. But in all honesty, what you're going to want to do personally, I would just get another copy at the top, say, "Second copy filed on time" is what I would put in big bold letters, resign the return. And again, you kn

Welcome to the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers the caller's questions, and talks over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Good day. I'm Dr. Friday and the doctor is in the house, it is a beautiful Saturday outside, thank goodness, I had time to go out and do some yard work because it is gorgeous. So hopefully you guys are enjoying this weather.

Dr. Friday 0:43 And also, it's our favorite time of the year. It's tax time, we are in the midst of the most, but seems like the busiest tax season, I don't know if it's just every year gets a little different. But definitely a busy tax season for us here. And I'm sure for a lot of you that are listening, that you are also kind of buried and trying to get your own tax documents together.

Dr. Friday 1:02 We have all the changes that are happening with the tax laws, of course, having to make sure we have the advanced Child Tax Credit, we've got the stimulus payments, and all those are posted. And I will say many times I have a number of people that have walked in the office and they're like, "I got this letter, but I don't remember seeing 1400 I didn't get it."

Dr. Friday 1:21 But I have them go back and start in March and work their way through the system. And so far every person has found their $1,400. So in the case that if you're thinking you'd or may not have received your stimulus from last year, the final, well, I should never say that because you never know. But the third stimulus, which was $1,400, would have happened from March through the end of the year is what I tell people, basically it would have been March, April, or May in most cases.

Dr. Friday 1:49 But to go back through and see and make sure it is also the same situation where it comes down to your the money where you were you supposed to get it you should have received a letter saying how much you received because some people may have earned too much money and did not receive it. And in other cases, that it may have gone into a bank account that you don't think to look at like savings, it should be in the same bank that you might have had for a refund or draft for auto payments with the IRS. Just keep that in mind.

Dr. Friday 2:21 All right, let's hit the phone lines. We've got Steven in my town Spring Hill. Let's see what Steven has to say. Hey, Steven.

Caller 2:28 Hey, how are you?

Dr. Friday 2:30 I am very good. How about you?

Caller 2:32 Okay, I have an odd, I guess a slightly odd situation. My late father-in-law had a rental property, he essentially got into the long story with a divorce. But I'll try to keep that out of it. But essentially, the estate didn't have a lot of money and was upside down on this rental property. We got the mortgage company to agree to a short sale. That

Another incredible episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:30 All right, the doctor is in the house and oh, man, are we in a full blown tax season? That's right, it is tax time. And if you haven't already set up an appointment, unless you are pre-existing clients, then our office I know is already full. I'm sure a lot of other CPA or accounting full firms are also you can't wait to that last minute to decide who you're going to have do your taxes, or you may end up doing them yourself.

Dr. Friday 0:55 You can join the show we are live 615-737-9986 is the number here in the studio 615-737-9986. While we're waiting for some of those calls to get answered here. I did want to start the show up with an email I had gotten this morning from one of my clients that have been with me for a number of years.

Dr. Friday 1:17 And apparently he was getting some emails saying that there was going to be another stimulus out there. And he was smart enough to say hey, Fridays, this actually true coming for home $3,708 home stimulus. Guys, I need you to make sure you understand if anyone has actually received that and thinking that there's another stimulus check coming in the mail. It's not going to be that kind of stimulus. Okay, guys?

Dr. Friday 1:43 This is actually been out there since the middle of last year. But it is something that had to do with homeowners and renters and it was during the COVID. And what they were trying to help people be able to extend their mortgages, try to get you out of not losing your home just because you had a lower income. So that's where that is. It's not a stimulus check. Just wanted to get that out there because I know I'll start getting quite a few phone calls on that situation. Once it starts coming out, especially if a lot of people are getting these robo emails or whatever they're called.

Dr. Friday 2:15 Alright, sweetheart, why don't we start with the first one Lisa in Nashville. Hello, Lisa.

 2:22 Hello, I've got a question we received from my son's college, two 1099 Q's one made out to him. And one made out to me because I made a draw against his 529 for reimbursement of things that I had to pay out of pocket before we got financial aid setup and all that. And he also received a 1098 T from the college. And we received a it was a $2,000 refund as part of the America Rescue Plan. How does that affect?

Dr. Friday 3:08 So claiming the child is the child on your tax return? Or is he old enough where he's filing his own taxes?

Caller 3:14 No, he's a dependent.

Dr. Friday 3:17 Makes it easier as far as I'm concerned. So what you're going to basically have is you're going to be filing the two 1099 Q's on the 529 plan or state plan, whatever it might h

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Hey, I'm Dr. Friday and the doctor is in the house, we are here talking to you guys live. And we have all the information you're going to need. If you want to join the show, you can at 615-737-9986, taking your calls, talking about all my favorite subjects, it's really not that hard to do.

Dr. Friday 0:56 And all you have to do is do what we're doing, which is just basically talking to about taxes and everything that goes with that. So you'll be able to move forward and accomplish what we have. One of the big things I do want to talk about today. And it's plain and simple. It's talking about Venmo, PayPal, Cash Pal, all of these different apps that we use a lot of us I know I get my rent through Venmo.

Dr. Friday 1:21 Many of you will have different apps and as of January 1, 2022, there is a few things that are going to change when it comes to this. And we want to be able to make sure that we are all prepared for that change. Because when it comes to the end of the year, I don't want to hear a lot of people saying, "Oh, why did I get this 1099K?"

Dr. Friday 1:43 According to what passed with the American Opportunity, the American Tax Act that happened in March March of 2021. As of January 1, mobile apps like Venmo PayPal cash apps are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service. This change in the tax code was signed into law by the American rescue plan Act and the COVID response bill was passed in March.

Dr. Friday 2:09 Previously, these mobile apps only had to tell tax authorities when a person had over 200 commercial transactions per year or that it exceeded 20,000 in total revenue. Starting January 1, the Internal Revenue says if a person accrues more than 600 annually in a commercial payment of an app like Venmo, then Venmo must file and furnish a 1099k for them reporting all commercial income they received through this app.

Dr. Friday 2:36 The tax reporting change only applies to charges for commercial goods or services, not personal charges from friend to friend like splitting a dinner bill. In the explanation document on the tax exchange, the IRS said these changes only apply to people who sell items on the internet auction sites like eBay, people who have holiday craft businesses such as Etsy.

Dr. Friday 2:58 So as long as they accept credit card payments through these apps, Pay Pal said that PayPal and Venmo offers a way for customers to tag their peer-to-peer transactions as either personal friend and family or goods and service by choosing the appropriate category for each tra

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Good day. I'm Dr. Friday and the doctor is in the house and are we busy. It is the season guys, the whole time that we seem to talk about taxes a lot. But now is the time that people are preparing tax returns. You should have received in most cases, most of your forms.

Dr. Friday 0:45 I will say do not rush to just file your taxes. Because in many cases, we are still waiting for information from like stock retirement accounts, where you may have taken distributions or earnings. So you know, make sure you have received the actual year in reports. And then you know, go ahead and put that information in and make sure that you're doing all the forms.

Dr. Friday 1:08 Don't forget this year, we've got some specialties when it comes to filing, of course, for the Advanced Child Tax Credit, as well, as you know, we still had a stimulus check or a rebate that we had for 2021, which was $1,400 per person. So you want to make sure that that is also coming through. So for all of you that are working on your taxes, don't forget that you know you have line 30, that's going to come across, if you did not receive the EIP 3 or the stimulus check three, that would show up on number 30.

Dr. Friday 1:42 And then you also had the advanced Child Tax Credit, that's going to show up a little bit of a change where you're going to also see in 2021, we do have the charitable tax deduction, which is now $600 for a married couple $300 for a single individual, which is now split up between 12 A B and then 12 C being the amount that shows as your true standard deduction.

Dr. Friday 2:07 So you'll have your standard plus your your charitable to get you to what's going to show up on 12 C. So again, just the one of the situations where we have some changes, and we're working on all those.

Dr. Friday 2:20 But it looks like I am fortunate enough Dalton is in the line from Franklin Dalton. Let's go ahead and start the phone.

Caller 2:27 Hi there. Thanks for the phone call.

Dr. Friday 2:29 No problem. Thanks for calling Dalton, what can I do for you?

Caller 2:32 Question. If you have a stock call it stock X that you bought 10 years ago, and you're down $90,000. But you have a stock Y that you bought six years ago, and you want to sell 255 shares to bring in the $90,000?

Dr. Friday 2:52 Absolutely long term for long term? Perfect situation.

Caller 2:55 Okay. So you cant just take the $3,000, you take the 90 for the 90.

Dr. Friday 3:01 Right. So what you get to take is the 90,000 plus three. So if you had a $95,000 loss, and you only had a $90,000 gain, you could take 93 of the 95. That makes sense, Dalnton?</

Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:29 Good day, I'm Dr. Friday and the doctor is in the house. And is it busy around here for all of those that are entrepreneurs are in charge of payroll department, obviously, you know that W2's are due on Monday, the 31st, then so are 1099, miscellaneous 1099, NEC's, so we need to make sure all that information is out there.

Dr. Friday 0:50 And if you're doing your own payroll, obviously, a lot of times you want to make sure you've reconciled their state with your 941, your 940 and your W3's to make everything balances out because the last thing you want to get is a love letter halfway through the year that says, "Oh yeah, it looks like you reported this here. And we've got W2 for this. And please explain the difference." Never a good day when that happens.

Dr. Friday 1:13 And normally I find that happens is sometimes in payroll systems, some will make an adjustment after a 941 from one quarter has been filed, then another adjustment will be made and just makes it a bit more challenging when it comes down to it. So just make sure that your information is correct. And make sure your employees have the ability to receive them by Monday, at least in the mail by Monday. So that way you're in compliance and you don't have to worry about it.

Dr. Friday 1:39 That makes life a little bit more exciting then, you know, just winging it and saying, "Oh yeah, we're going to get those out," because employees can be a bit testy when they don't get what they want, especially when it's time for them to file the tax returns. So making sure that information now we'll say to employees, it is not your employer's responsibility to make sure that your social security number if it's been provided properly, that that is still the right number, especially the name, address change. That is your responsibility.

Dr. Friday 2:10 And according to the IRS and employer can charge somebody for making those changes after this, you know, after a W2 has been filed, because well, then you usually have to file an amended or corrected one, which can cost additional funds. So just making sure that you've updated your employer, even if you've left them, you know, send them something before the end of the year, so their records can be up to date. So when they kick out those W2 you're getting it or making sure nowadays, a lot of us are sending our W2's by email.

Dr. Friday 2:40 So again, making sure you have a current email or if you've changed something, notifying the employer prior to the first January is usually the best bet because many employers some some employers have their W2's out within the first week of January, some not as not as fast as others.

Welcome to the Dr. Friday Radio Show! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

and much more!

Announcer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:28 Good day. I'm Dr. Friday and the doctor is in the house on this nice cold Saturday. If you have questions and you want to join the show, maybe you're working on your taxes, they will not be actually open. The IRS opens on 1/24. So that's when the actual e files will start going through. But up until then they are taking and putting them in a holding cycle. So you will be able to do some of the work that you need to do and get it out there because the most important thing is getting it filed.

Dr. Friday 0:55 Remember, in the 2021 tax year we'll also have the stimulus or the recovery rebate for $1,400 for each person on the tax return. So that will be how if you never did receive that money, it's essential that you file a return even if you don't think you need to or you know, normally you don't have to move about a time. This way, you can make sure you're going to get that last stimulus that you may have missed. So again, that will be on the 2021 tax return. I'm going to say it's essential that you guys make sure you receive the letters, the IRS is sending out one for the child tax credit. The other is for the stimulus or go online and pull your transcripts.

Dr. Friday 1:40 Last year a lot of people said they never received any of the stimulus money they filed tax returns. And the IRS basically came back and said, "No, we're not approving your things because we show you did receive it." So it's gonna be interesting to see how that works out.

Dr. Friday 1:54 Alright, let's go the Lisa. Looks like she's in Nashville, hopefully staying warm. Hey, Lisa.

Caller 2:00 Hi, how are you, Dr. Friday?

Dr. Friday 2:02 I am good.

Caller 2:04 I've got a question about doing inventory and the cost of goods sold. If I am going to start my business this year, my inventory was should be zero to start with. But what if I had a lot of supplies that I had bought for personal use at some point, but then want to transition to incorporate into the business? As far as it's making jewelry? So if I wanted to roll that in and have it as inventory, is there a way to do that?

Dr. Friday 2:40 The offsetting entry is going to be your investment because you paid for that out of your own pockets. And nothing to do with the business. So it's like when you open the bank account with $100 or whatever, you know, the same kind of situation that's money that came out of your pocket. So either owner drawl members contribution, shareholders contribution depending on what type of entity it is, but the offsetting entry would be And remember, it's your costs, not what it's worth, but your costs that would go in as the inventory. And then the offset would be your investment or share. Are you a sole proprietorship?

Ca

Another episode of the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:30 Hey, I'm Dr. Friday, and the doctor is in the house. And hopefully, you guys are all staying nice and warm, because we have apparently a big cold front coming through. I'm gonna be quite honest, tonight, I plan to be going out. So I hope that it holds off until I get back because the Lion King is calling my name, my birthday present for my sister. And so we are going to go see it. So I'm hoping that it is still out there. And everyone's able to do it safely and looking forward to it.

Dr. Friday 0:56 So besides that, I think it's that time of the year when we get to chit-chat about finally my favorites. Finally, my favorite time of the year, is taxes, right? I'm probably one of the crazy people in the world that truly enjoys taxes, and I enjoy the challenges and the ability to try to do the best I can for my clients. And always I mean taxes are constantly changing, we have seen a ton of changes in the last year since 2020 2021. Now going into 2022.

Dr. Friday 1:28 So far, nothing in the first 15 days of the year, that's been major, but hold your breath there, maybe don't hold your breath, because I'm assuming there'll be some more things to come. If you want to join the show. It's easy if you've got questions, or if you're listening and have some situations, maybe you sold some real estate and you're looking to figure out how much money you're going to owe, I can give you some basic information here give you some idea of how to calculate possibly, especially if it's inherited or investment property impress property that you actually did do something along the lines of renting it out.

Dr. Friday 2:00 There are different types of calculation, we have recaptured depreciation along with the capital gains tax. So if you have a question, you can join the show. 615-737-9986 is my number here in the studio. And then obviously, if you want you can also email me at [email protected]. Since what happened when you're multitasking [email protected] if you've got some questions. I know I got a couple of questions last week that I didn't actually answer on the radio. And sometimes some of the questions are too in-depth to actually take on to the radio.

Dr. Friday 2:46 But sometimes, there are some and again, a lot of people have sold real estate in the year 2021. And many of them it was either they sold real estate, their primary homes, and they brought those home for like 200,000 but sold them for nearly a million dollars. And in those cases, you do have situations where that's going to create a situation where the capital gains and the waiver on your primary home are still going to leave some money possible for you to actually still have to pay taxes, right?

Dr. Friday 3:19 Because we had that 500

Welcome to the Dr. Friday Radio Show is here! In this episode, Dr. Friday takes on the latest tax updates, answers callers questions, and talks over the following topics:

and much more!

Announcer 0:01 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or financial woes. She’s the How-To Girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now. 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.

Dr. Friday 0:30 All right. I'm Dr. Friday, and I am here live in-studio on this snowy Saturday. And if you have some tax questions, we all know it is tax time it is time where the forms are going to start coming in. Questions are so going to start and we're going to have to get going and start moving in the direction we need to do that.

Dr. Friday 0:48 So if you've got questions on your 2021 taxes, or maybe you're just sitting there thinking, "Okay, what do I need to get together? How am I going to get this all together? "You need to give us a call you can 615-737-9986 is the number right here live in the studio. And I know many of you guys are sitting at home listening to the show because there's not a lot of things happening outside with the snow went to take my trash out today. And you know what they told me the garbage wasn't coming out today.

Dr. Friday 1:21 So just saying, you know, a lot of people don't know what to do on these snowy days. But we all do. We lead some to taxes, and we start thinking about our taxes. And we try to figure out what do we need as far as forms. Remember, we had a stimulus check, as well as the advanced child tax credits, both of those, are going to be coming in this year.

Dr. Friday 1:42 And it's going to be coming as a letter and you're going to need to have that even if you're doing you're doing your own taxes. Or if you're having someone else do those taxes. There's a letter that the IRS sent out and they're going to tell you how much money you received. Because everyone's going to be asking that question. So even if you've never received any the IRS is still asking on the tax form.

Dr. Friday 2:08 You know, did you receive it what letter you know how much because sometimes parents share children, sometimes you're the grandparents and maybe last year you received it because you are grandparent this year, you didn't. So again, you're going to be receiving a letter and 6419 is the letter on it. And it's going to be telling people how much you received as an advanced tax credit. On the child credit.

Dr. Friday 2:33 You also received a stimulus check for $1,400 per person in the household. That letter also is going to be coming and telling you whether you received it or not. If you didn't receive it, you need that letter just as well because it's gonna say you did not receive it.

Dr. Friday 2:46 Alright, let's go to the phones. We've got Dan from Hendersonville. Let's see what Dan can do for us. Hey, Dan.

Caller 2:51 Hi, Dr. Friday.

Dr. Friday 2:53 What can I do for you on this snowy Saturday?

Caller 2:57 I sold some property rental property this year to a relative. And I gifted quite a bit of the equity. So my question now is do I pay capital gains on the gross amount of property, or the net min