asked
A client owned a rental property in 1997 and did not take advantage of the suspended loss allowed on disposition rule when filing returns for that year. The client took the loss on his 2005 return when he had other passive income, but the return is now being audited and the loss for the 1997 sale property is being disallowed. Are there any court cases where taxpayers were allowed to take the losses in a future year, and what are the options for the client given the current audit situation?
July 27th, 2024
Our father's house in New Jersey was sold by the estate 13 years after his death to one of our siblings for $465,000 more than its value at the time of his death. The estate does not exceed $650,000, and the proceeds will be divided equally among the 6 surviving children. Does the estate owe NJ capital gains tax, and if so, what is the rate?
August 9th, 2024
I closed my sole proprietorship last year but still have unsold inventory (CDs) remaining. I want to ensure this inventory doesn't affect my taxes for 2011 as I'm starting a new business. I'm currently filing a Schedule C for my independent contractor work and want to know how to handle the unsold inventory from my closed record label business without raising red flags with the IRS.
April 18th, 2023
What are the total number of taxes associated with running your own business? I am currently aware of self-employment tax and income tax, but I need to know if there are any other kinds of taxes that I need to pay.
November 5th, 2023
How long can the Board of Equalization in California have to collect taxes, and what are the implications if they levy property or set up an installment payment agreement?
June 15th, 2023
Am I entitled to a refund of the taxes I paid a hotel after I've been there over 30 days in the state of Connecticut?
May 8th, 2024