New York State legalized same-sex marriage but the Federal government does not. My spouse and I will file separate tax returns for 2012. What status should we use in the tax form, Single for Federal and Married for NY State? Is it true that once married, both spouses will be responsible for each other’s debt, like credit cards, personal loans, etc., even if only one spouse’s name is on the loan?

November 23rd, 2024

I bought a home in 2008 and received the first-time homebuyer credit. I sold my home on February 29th, 2012. Do I need to pay back the full amount of the credit or is it spread over 15 years?

January 2nd, 2024

I am an author who writes books and sells them. I buy books from the publisher and sell them, but my sales are always less than my purchases. I want to know how to properly account for these transactions and pay taxes only on what I have sold, not on my purchases.

November 21st, 2024

I need to find the adjusted cost basis for two stocks that are no longer listed on the stock exchanges: Sears Roebuck and Royal Dutch Petroleum as of August 21, 1992. We inherited shares of each on that date (date of death) and each were turned in on stock buybacks in 2006. Can you provide the adjusted cost basis figures for me?

April 2nd, 2023

My sister and I inherited my mom's house in 1998. The realty transfer tax rate (taken from the will) was 55,144. The present market value is 95000. I recently sold my sister my half of the house for 3200. Do I have a capital gain and how is this calculated?

February 24th, 2024