If a taxpayer donates appreciated real property to a 50% charity and the property is subject to a mortgage, is the mortgage always considered a bargain sale subject to capital gain tax (after allocation of basis)?

August 28th, 2023

How much can I deduct as depreciation and Section 179 in 2006 for a car/SUV? We were considering two SUVs, perhaps an Escalade and a Lexus. I have two S corporations.

February 14th, 2024

My great-grandparents have passed away and left a trust with a house worth approximately $900K to my grandfather and his brother. They plan to sell the house and split the profits 50-50. I want to buy the home from them, paying $450K to my grandfather's brother and having my grandfather hold a note for the remaining $450K until I sell the house. Will this arrangement change their tax effects compared to selling to a third party?

April 13th, 2024

Can an employer reimburse employees for uniforms and add this reimbursement to the W-2 wages, making it subject to Social Security and Medicare taxes for about $125 a month?

December 6th, 2023

If I live with someone who has children, can I claim them on my income tax?

August 26th, 2024