I left a job where I had an employer-owned Roth IUL policy, which was transferred to me and became taxable. The cash value was listed on my W2 as $148k, but the cash surrender value was $108k due to a large surrender charge. I am being taxed on the full cash value even though I only received a lesser amount post-surrender charge. How can I reflect the surrender charge on my return so I am not taxed on that, and how should I handle the transfer amount listed on my 2022 W2 but paid out in 2023?

March 28th, 2023

My husband and I started a foreign LLC in Costa Rica as a holding company for some land in Costa Rica that we purchased. We elected to be treated as a foreign partnership and are thus filing Form 8865. Schedule M of Form 8865 asks us to report US and foreign assets. The only asset is the Costa Rica property that is titled in the name of the Costa Rica LLC. There are 3 categories for foreign assets: "passive", "general", and "other". We are assuming that this foreign asset would go in the "general" category - would this be appropriate?

April 3rd, 2023

Did my request for an extension on my tax refund go through?

September 4th, 2024

Can my sister, who is filing a New Jersey return as a single widow over 65, take accelerated depreciation on her South Carolina rental property for 2022 to offset her $56k federal tax burden, instead of using the normal 27.5-year depreciation schedule? She has income from pension and social security, and she gifted $300k from her IRA to her brother.

April 3rd, 2024

I started my company and mailed my 83(b) election form about a month ago, but I just noticed that USPS still hasn't delivered it yet, and there is a chance that it has been lost in the mailing process. What should I do considering it has passed the 30 days deadline?

April 5th, 2024