I received several K-1 forms from the state of Iowa for farm and estate income, but I live in South Carolina and have lived there for seven years. What state do I file my K-1 federal and state taxes? Also, one of the K-1 forms has a fiscal year of 12/1/2016 and ends 11/30/2017. Do I file the whole amount for the year of 2017?

February 18th, 2023

I am planning to sell my house, which I have rented out since I bought it in 2007. How many years do I need to live in the house as my primary residence to qualify for a $500,000 capital gains tax exclusion, and how does the exclusion amount vary based on the number of years I live there?

August 3rd, 2024

As a sole proprietor (lawyer) who pays myself partly as a W-2 employee and partly through a draw, can I deduct the W-2 wages I pay myself as 'wages' on my Schedule C? If not, am I being double taxed?

October 4th, 2024

I have income from my deceased husband's business received after his death. Do I file a Form 1041 for the estate? He had $1 million in real estate, and I am the only beneficiary. I filed a joint return with him until the time of his death. Then income after his death was $84,000 with expenses of $30,000. What about the business income?

January 23rd, 2024

A client of mine owns rental property that was moved under an LLC after we claimed depreciation for two years. When I moved the property, I took the net value after depreciation as the new basis and depreciated it over 25.5 years. Am I doing that right? Also, what do I need to do to make it a joint venture, and if I do the depreciation on the LLC as Original Basis - Accum Depr = New Basis over 27.5 years, would that be correct?

July 30th, 2023