As a day trader for IRS purposes, if I continue to lose money yearly, will they allow the losses? Can I consider myself as a 'day trader' business and then write off those stock/option losses against 'ordinary income' from other sources or other 'investment income' from real estate?

July 2nd, 2024

What form should I use for reporting driving mileage, and who can claim mileage on taxes?

January 7th, 2023

I received a CP90 letter from the IRS in 2017 indicating I owe $120k in federal taxes, but the fees have increased the total to $136k. I currently cannot pay this amount in full. Is it possible to settle this debt through monthly payments, and if so, what would be a reasonable payment plan? Additionally, is it possible to have the fees removed to reduce the total amount owed?

May 13th, 2023

I have been a limited partner in a limited real estate partnership in Oregon for 30 years. My capital account has gone from plus $30,853 to minus $64,806. When the partnership is liquidated, my share of the selling price will be about $50,000, but I will receive no cash distribution because of an enormous mortgage that must be paid off first. What is my basis and how much long-term capital gain will I have?

May 9th, 2023

I am planning to convert some stocks from my IRA to my Roth IRA without selling them first. Can I transfer individual stocks and adjust for the basis (I understand that the gain would be taxable)? Or do I need to calculate the entire basis of the IRA account and use the percentage gain on the transfer?

August 10th, 2023