What should be used as the depreciable basis for an LLC holding a Walgreens with a triple net lease, originally acquired in a 1031 exchange by our father in 2004-2005, and transferred to the trusts of the 3 sons in late 2015 after his passing in 2014?

October 3rd, 2024

I received a 1099-S for the sale of a mobile home and property from my father's wife's estate. The proceeds were split among her two sons and my father's son and me. The property was in Florida, and I live in Massachusetts. Do I need to report this, and if so, how should I report it?

July 23rd, 2023

My son and his ex-wife are the parents of our granddaughter, who is a freshman in college. The divorce decree states that college expenses are to be shared 50/50, but the ex-wife currently pays nothing and mistakenly claimed our granddaughter as a dependent on her 2015 Federal return. Can her return be challenged or is there some other recourse?

May 11th, 2023

Since we pay the health insurance premiums without any tax break (not through an HSA nor a pension annuity payment), can we deduct them as self-employed health insurance premiums as part of my wife's business?

June 16th, 2023

I own an LLC that is incorporated in Delaware and authorized to conduct business in New York, taxed as an S-Corp. The company purchased home office furniture in 2010 and 2012, which were Section 179 expenses. I want to buy this furniture for personal use to provide cash for the LLC. How do I determine a fair purchase price in the eyes of the IRS, and do I need to do anything special tax-wise?

November 18th, 2024