asked
A taxpayer lived in Connecticut but also has a vacation home in Florida. She sold her Connecticut home in 2018 with no gain or loss. She lived in Florida in 2015, 2016, and 2017, and moved back to Connecticut in 2020 due to health reasons. She sold her Florida property in 2020. Can she qualify for a full exemption for this sale?
June 12th, 2023
I had a rental property since 2008 which I sold in Dec 2020. The total passive loss (from previous years and the year of sale) is $15,000, and the capital gains after the sale are $50,000. Can I defer tax on all of the $50,000 gain by investing in a Qualified Opportunity Fund (QOF) and still claim the $15,000 passive loss when filing 2020 taxes? If not, what happens to the passive loss, and when can I claim it? Additionally, if only $35,000 of the capital gain is invested in a QOF, can I use the remaining $15,000 gain to offset the passive loss, given that tax on $35,000 of the gain has been deferred due to QOF investing?
September 30th, 2024
I want to take out a prescription coverage and they say I have to get Part D. I didn't know that there was such a thing. I am now 72 years old (DOB 10/12/1948) and I don't have Part D. There is a penalty. What is my penalty in dollars and cents?
March 15th, 2024
I have investments in India (equity, bonds, mutual funds, etc.). Upon maturity, I'd like to repatriate the money to my US bank. What would be the tax repercussions and any special things to take care of?
November 5th, 2024
What is the answer to Q4?
May 28th, 2024
I have two businesses, Business A (a professional S Corp) and Business B (an LLC with a commercial real estate property). Business B has a mortgage loan with Apple Bank. Can Business A pay $100k toward the principal of Business B's loan directly to Apple Bank to avoid personal income tax on this amount?
October 24th, 2023