Adam A. asked
A single man buys a 2-family house for $140,000, gets married, and lives in Unit 1 while renting out Unit 2. After a divorce, Unit 1 is given to the wife, and the husband moves into Unit 2, deciding to sell it within a year. What is the cost basis for the sale, and is there any chance of applying a portion of the $250K exclusion?
June 6th, 2024
Shannon M. answered
The cost basis for the sale of Unit 2 is determined by the original purchase price of the house ($14...
June 6th, 2024
Create an account to view answers and interact with the community!
I made a $200,000 Real Estate investment in 2007 through an investment company, which resulted in a total loss after one year. I was advised not to file IRS taxes on this money as it was from a self-directed IRA. Now, in preparation for my 2015 taxes, I received a report from the company. Do I need to report this loss, and how should I handle this situation?
July 23rd, 2023
I recently took a job in NYC but still have my house in MA and go back and forth on weekends. Can I claim as a full-time MA resident? Should I claim as a part-time resident in each state? What is the best from a tax advantage perspective?
June 26th, 2023
Are purchases like smartphones, laptops, and Wi-Fi or internet services for office and car access, qualified tax deductions for either an LLC, holding company, or transportation service?
October 8th, 2024
I have an estate of a decedent who had savings bonds cashed. The only beneficiary is a church, and we are in the second year of the estate. Does this income pay income taxes or should I distribute it to the beneficiary even though it was distributed in the second year? I am filing the first year estate tax now, and the second year will follow shortly.
August 15th, 2024
I have a client with a large NOL originating in 2013. In 2015, his income is 98,000+, triggering AMT. I'm trying to figure the ATNOLD. Here are the 2015 6251 amounts: Line 1 -154271, Line 10 249614 (NOL), Line 28 AMTI 95,343. How do I figure the ATNOLD?
May 30th, 2024
