I am the executor of my partner's will. He was retired and his only income was social security. We jointly owned a boat and had joint savings and checking accounts. I sold the boat after his death. Do I need to file a return for him and are there any tax obligations for me since I am now the sole owner? Additionally, I gave his son two gifts totaling $28,000 in 2017 and 2018. Do these gifts have any tax implications?

October 4th, 2024

What are the pros and cons of forming an S-Corp versus an LLC taxed as an S-Corp for a business that sells computer parts and mines cryptocurrencies?

January 5th, 2024

I am a 42-year-old single individual with no income and no dependents. I need to withdraw $35,000 from my IRA to pay off debt and bills. How will I be taxed on this withdrawal, and what are the potential penalties or alternatives to consider?

February 9th, 2024

I prepare income tax returns for friends. A friend recently passed away owning tillable farmland with underground tile drainage, which is depreciable. The farmland was appraised without allocating value to the tile drainage. I have a 1995 tax seminar booklet stating that, in the absence of hard facts, the depreciable cost of underground tile drainage should be approximately 5% of the fair market value. My question is, has this 5% value allocation been increased since 1995? Is there a more recent training manual allowing a higher percentage of allocated value?

December 21st, 2024

My wife is a green card holder working at the Mexican Consulate. She earned income, but the consulate didn't provide a W-2, only proof of income. How do we report this income on our taxes, and does she owe taxes on it?

March 24th, 2024