A client of mine owns rental property that was moved under an LLC after we claimed depreciation for two years. When I moved the property, I took the net value after depreciation as the new basis and depreciated it over 25.5 years. Am I doing that right? Also, what do I need to do to make it a joint venture, and if I do the depreciation on the LLC as Original Basis - Accum Depr = New Basis over 27.5 years, would that be correct?
July 30th, 2023
What is considered a Fictitious Business Name?
October 16th, 2024
I sold my LLC (Subchapter S corporation) and am filing my 1120 return now. Do I indicate it as a final return since the company was purchased, or is it my last return?
March 21st, 2023
I volunteer at a university with 501c3 status and want to deduct my mileage for traveling to and from the university on the days I volunteer to coach. I've read that I can deduct .14 x mileage and list it on Schedule A, but it doesn't specify which line. Should it be line 16 or 17? Do I need to attach Form 8283? Additionally, how do I report this mileage, and is it considered a cash or non-cash expense?
April 26th, 2023
What is the maximum amount a person can give to another without having to pay the gift tax?
May 2nd, 2023
I haven’t filed taxes for about 5 years. Where do I start to get everything caught up, especially after receiving a notice about owing taxes on cashed-out stocks and dealing with a failed business and job changes?
May 22nd, 2023