I am selling investment property for $105,000 with a long-term capital gain of $60,000 and would like to reinvest all into another rental property. My taxable income is normally $15,000 a year. What is my best tax option?

February 12th, 2024

I work in a 500-employee corporation with 60 physicians. The corporation is getting audited. Will they verify receipts for expenses of every individual practice? If I submitted receipts for some items and then the order was cancelled, yet I cashed those expenses, what is my best course of action now? Is it criminal or just pay back?

August 7th, 2023

I have a property bought in the mid-1990s for around $82K, now selling for $335K in California. The first mortgage is around $260K, and with a HELOC, it adds up to more than the selling price, so I'm doing a short sale. The HELOC owner sent Form 593-E to see if California capital gains tax can be reduced so they can get a bigger chunk. My questions are: 1) Is my starting amount for tax purposes $82K, not when I took the HELOC? 2) The major improvement was licensed asbestos removal in 2004 or 2005, paid around $5K then, but now it probably costs $15K. Which amount goes into Form 593-E, and where can I find records? 3) What other types of costs can be added, such as bathroom improvements and recent improvements to get ready to sell? 4) Should costs from 10 years ago be adjusted to today's prices for tax purposes?

November 9th, 2023

If a corporate gives a gift card ($200 to $500) to a customer as a reward for engaging their service, would that gift be considered taxable income for the individual, and would the corporation's tax deduction be limited to $25?

October 16th, 2024

I need to review my 2016 tax returns. I already filed them, but I need to review them for any specific concerns or questions.

November 8th, 2023