asked
Can I qualify for a Section 1031 exchange if I sell my S Corp's business property in CA in April 2018 and use the cash for other business purposes, then buy a business property in TX in May 2018 using an SBA loan? Additionally, can I buy the TX property under my personal name instead of the S Corp's name, and how should I declare the Section 1031 exchange for tax benefits?
November 15th, 2023
Is there a penalty for overpayment of taxes, how far back does the IRS go to collect back taxes, and will the IRS send a refund check if you overpay your taxes?
March 29th, 2023
I received a Schedule K-1 form for a trust after my father's passing, indicating $6,600 in net long-term capital gains. Do I have to pay taxes on this, and if so, at what rate?
March 23rd, 2023
My client took out $50,000 from her 401k to buy her first house. Will she still face the 10% penalty?
December 26th, 2024
I'm trying to claim the "Not Affordable" option for an exemption from not having healthcare in 2017. I meet the income requirement but can't get information on the subsidies/credits I may have qualified for since it was last year and I didn't apply. I contacted the state Marketplace and they said they don't have any way to provide eligibility for the previous year. Is this enough for me to claim the exemption since I have no way to obtain the information?
December 5th, 2023
I received a lawsuit settlement for emotional distress on a Form 1099-MISC. Is this taxable, and how do I show it on my tax return?
April 24th, 2023