I inherited a cottage 4 years ago, worth $225,000, and rent it out for a net profit of $6,000. If I sell it, how will depreciation work, and how much could capital gains be reduced for each year I hold onto the property?

June 5th, 2023

What questions should I ask of a company that is looking for me to invest $100K in their business?

January 14th, 2024

Is a $10,000 settlement from cancer insurance taxable on my income tax?

August 18th, 2023

I am trying to determine if our health care premiums are taken out pre or post taxes. The gross amount on my husband's 1099-R is roughly the same as the taxable amount ($300 difference, as opposed to the $15,000 or so that we paid in premiums). His retirement is from Calpers, but they said they cannot answer the question. We itemize, but I am not certain about the pre/post payment. Additionally, I pay an out-of-pocket Long Term Disability premium once a year. My LTD provider said they are not a qualified plan. I see where there is a place for this deduction on the schedule A.

July 30th, 2024

This is about a Florida LLC owned 100% by a foreign entity. What is the category for the FL LLC, domestic or foreign? The LLC is filing form 8832 to be treated as a C-Corp. How to answer questions 4a, 4b if 100% owned by a foreign entity, and what to check on question 6, a or d?

May 20th, 2023