Have sale of residence owned by 2 related parties (mother and adult son). Son has lived there over 5 years, while mother never occupied the property. Gain on sale exceeds son's exclusion by about $100K. In reporting on form 593, do I use two forms, one for each party, and allocate the gain in relation to their ownership percentage?
June 20th, 2023
A few years ago, I paid cash for a house, and now I am selling it. Will I have to pay taxes on the sale if it does not exceed what I paid? The house was bought by my daughter who was about to lose it.
June 20th, 2024
I received a refund yesterday with the wrong name on the check. The check says Darlene R & Clyde G. Powell, but my husband's name is James L. This is a Kansas 12/2012 Tax refund with MFT30 and 7.60 interest. What should I do?
August 12th, 2023
A corporation paid for a land improvement, specifically a breakwall for a marina, while renting the property from a related party on a month-to-month basis. Is this considered a land improvement or a leasehold improvement, and would bonus depreciation still be allowed?
October 18th, 2023
I am 68 and my wife is 63 (born on 2/23/56). SSA estimates my current retirement benefit at $3,147. My wife's full retirement age (FRA) benefit is estimated at $1,370; her age 63 benefit is estimated at $1,095. If we both file for SSA benefits today, what would be her spousal benefit be? If I died, what would her survivor benefit be?
December 14th, 2023
What if my husband refuses to have me include his information on my tax return? Can I file as single, and what if I file married filing separately and do not have his social security number?
May 2nd, 2024