If my father and his wife gift my brother and me a paid-off house worth $360K, how will his gift taxes differ from capital gains taxes? He has never used the unified credit. Will we collectively pay less taxes if he sells the house, pays the capital gains taxes, reduces the gift tax from the unified credit, then gifts us the remaining amount?

December 15th, 2024

I owned a house for 25 years and sold it for $55,000 after incurring significant repair costs due to a flood. Since it was never a rental property and was a personal-owned property, do I have to pay taxes on the $55,000 capital gain?

July 1st, 2024

In 2003, could one deduct certain expenses if they were diagnosed as obese, and what kind of documentation was required? Is this tax break also applicable for 2004?

June 25th, 2023

Can I loan funds at 0% interest as an LLC to another LLC without federal tax consequences such as imputed interest?

October 21st, 2023

How much federal taxes will I owe on my yearly profit of $10,000.00 for tax year 2018, and do I need to pay quarterly taxes if my only income source is Uber and I estimate making up to $4,000 to $5,000 more from photo shows by year's end?

December 14th, 2023