I purchased a home from my mother who held the property in a trust. The transfer tax was waived, but is there a way to avoid some of the capital gains?

March 21st, 2024

If I bought a laptop for school use, specifically for a graphic design course, is it tax deductible?

November 22nd, 2024

My husband owes back taxes to the IRS and we recently received a letter threatening levy. We file separately, so the taxes are technically owed by him. We have a lien on our house and own another rental property we would like to sell but can't due to the economy. We owe a significant amount of money to a relative and agreed to repay them with the proceeds from the sale of the rental property. We're concerned the IRS will attach a lien to the rental property, preventing us from repaying our relative. We want to make a payment plan with the IRS but are afraid a financial disclosure would make the rental property vulnerable. How should we respond to the Intent to Levy letter? Should we file an appeal? Should we go to our local IRS office for help?

June 28th, 2023

We sold our cabin (never rented) and we owned it for 34 years. What deductions are allowable and is it considered capital gains?

November 22nd, 2024

How can I file last year's income tax with this year's income tax at the same time, and if I owe, how do I pay?

October 4th, 2024