Which portions of the interest for home equity loans can be deducted for tax purposes, and how does the tax treatment differ based on the purpose of the loan and the property it is against? Specifically, if I use a HELOC to help my daughter with her property, can I claim a tax deduction for it, and can she claim a tax deduction when she repays me with interest?

May 27th, 2024

I'm buying a house in Edison, New Jersey, which is an old construction with a property tax of $6500 for 2015. If I demolish it and make new construction as my own residence, or add a story to the old construction, will it cause a hike in property tax? Also, if I buy the old house today but don't make any construction changes and don't move in for the next three years, will I still have to pay property tax? If I'm late on paying property tax, will there be any penalty, and would it be a permanent increase in house tax or just a one-time fee?

June 5th, 2024

My Mom wants to give me and my siblings $20,000 apiece and she wants to know how she can do this without her or us having to pay taxes on it; is there a way to do this?

September 3rd, 2024

I live and work in Finland for a US company located in California, and I receive a 1099 form at the end of the year. My Finnish bank is requiring me to fill out a W-9 form. I have filled out the form with my name, address, tax classification (individual proprietor), and my social security number, but I am unsure about what to put on line 4. Do I need to fill out line 4, or can I just sign the form and submit it to my bank to ensure the US does not withhold any taxes since I pay all my taxes in Finland?

March 19th, 2024

My 53-year-old wife has a C corporation from which she takes a salary as an employee and has a solo 401(k) plan with Fidelity. Does she need to take all of her salary deferral, including the catch-up, to total $24k before the end of the year since she's an employee and gets a W-2, or can she wait until April 15th and do it all then?

May 8th, 2023