My son and I are starting a side business mining cryptocurrency. We plan to open a shared bank account and split profits and expenses 50-50. Will this make filing our personal taxes difficult?

June 25th, 2023

This year, I will sell photos on eBay for other people and receive a 1099-K from eBay showing the total sales. I will deduct eBay fees and the amounts I paid out to these other people when doing my taxes next year. Will I need to issue them a 1099-MISC for the amounts I send them, considering each person's amount will be more than $600 for the year?

September 8th, 2024

Can an LLC file a tax return for 2018?

November 12th, 2024

If I sell a current rental property, can I use the proceeds to pay off another rental that I own? Is that consistent with the spirit of the 1031 exchange? I also am the sole stockholder of a C corp that has accumulated about $600K in loan to shareholder over several years. Does it make sense to "sell" the rental property to the C corp or otherwise transfer the property to pay back some of the loan to shareholder? It would be about $500K. I know it's sort of a simple question without all corporate tax information, but if I do that, is capital gains avoided for me personally, and is that a sound way to reduce the loan amount? What taxes would the C corp pay at the point in time when the property is sold? And is there any holding time for a sale or can the C corp sell the property in a matter of months?

September 2nd, 2024

I filed my 2019 tax return correctly using TurboTax. However, a lump sum distribution pushed my MAGI over the limit for the healthcare marketplace subsidy, resulting in a $20K debt to the IRS with penalties and interest. My IRS Tax Advisor initially guided me on the correct forms for an Offer in Compromise (OIC), but I was later told I used the wrong form and received a letter stating I withdrew my OIC with no right to appeal. I'm seeking the best resolution to this situation.

October 26th, 2023