I received a 2021 1041 K-1 with entries in Box 11: $300.00 in Box 11A, $200.00 in Box 11B, and $7500.00 in Box 11D. How do I use these totals on my 1040, and can the balance in Box 11D be used to offset other income like interest if no Capital Gains are available?

July 3rd, 2023

What are the tax benefits of establishing a Grantor Trust for real estate, and is it used to shield the asset from nursing homes? Additionally, what is the look-back period for the transfer to effectively protect the asset from a lien if the couple resides in Queens, NY?

March 2nd, 2024

I accidentally filed my taxes with the wrong filing status, putting 'head of household' instead of 'single'. My federal return was accepted, but my state return is pending. How can I correct this?

June 30th, 2023

For a Fiscal Year C Corp client whose tax year ended 5/31/2022, when completing the 2021 taxes for the owner/officer/shareholder, should I use his W2 payroll information for the 2021 return instead of apportioning his salary from 6/1/2021 to 5/31/2022?

December 9th, 2023

I'm in Madrid, Spain and I'm helping my grandmother get tax transcripts of my deceased grandfather for the years 1963 to 1965. How can I obtain these records?

November 3rd, 2024