asked
For 1040 NR, capital gains are tax-free. However, I did not know and paid capital gain taxes in 2018 and 2019. Can I file amendments to get refunds? Do you know if this tax rule (no tax for capital gains) goes back to 2018?
June 18th, 2024
Under our LLC's proposed accountable reimbursement plan, we want to reimburse partners for car payments, insurance, repairs, and other vehicle expenses, deducting only the business portion based on the percentage of business miles driven. 1. Is this acceptable under IRS publication 29? 2. Does this need to be in writing? We are in Texas and taxed as a partnership.
January 6th, 2024
Do I need to pay taxes in the US for undistributed profits (no dividend payout) of a controlled legal entity outside of the US, and if so, what is the level of tax and where can I find detailed information?
December 19th, 2024
I have a 300 page/month contract and would like to know how much paper I have used so far this month.
December 30th, 2023
A taxpayer lived in Connecticut but also has a vacation home in Florida. She sold her Connecticut home in 2018 with no gain or loss. She lived in Florida in 2015, 2016, and 2017, and moved back to Connecticut in 2020 due to health reasons. She sold her Florida property in 2020. Can she qualify for a full exemption for this sale?
June 12th, 2023
I had a rental property since 2008 which I sold in Dec 2020. The total passive loss (from previous years and the year of sale) is $15,000, and the capital gains after the sale are $50,000. Can I defer tax on all of the $50,000 gain by investing in a Qualified Opportunity Fund (QOF) and still claim the $15,000 passive loss when filing 2020 taxes? If not, what happens to the passive loss, and when can I claim it? Additionally, if only $35,000 of the capital gain is invested in a QOF, can I use the remaining $15,000 gain to offset the passive loss, given that tax on $35,000 of the gain has been deferred due to QOF investing?
September 30th, 2024