I received an inheritance of $850,000 from the sale of farm land in 2010, which resulted in a capital gain that I need to pay $125,000 in taxes for in 2011. I am looking for ways to offset this capital gains tax by investing the money into a business or other tax-efficient methods. What options should I consider?

March 3rd, 2024

During a court action, I noticed that my ex-husband and his new wife filled out tax form 1065 stating she is a US citizen when she is not. She is from Chile and holds passports from Chile and Spain. Is this illegal and should I report it? If so, how and to whom?

June 23rd, 2024

As a Florida company planning a special event in NYC in March, do I need to collect NYC/State taxes on the event if I am not selling any tangible personal property but organizing activities and paying taxes on the venue and services I contract for?

August 26th, 2024

If someone in my family dies and leaves me their house and $150,000 in a safe, and I loan this money to a friend who is now going through a divorce without good proof of spending, am I at risk of the IRS coming after me for this money? Is there a maximum amount I could inherit this way and be safe? What are my risks in court and with the IRS?

November 27th, 2024

I own a travel company in Costa Rica and need to accept credit cards from my customers. I can only do this through PayPal, which requires transferring funds to a US bank account before wiring them to my Costa Rican business account. Is this legal, and how will the money passing through my personal US bank account be treated tax-wise? How should it be reported to the IRS, and will this activity raise red flags with my personal income tax filings? If this is prohibitively expensive, do you have recommendations for a different structure to accept credit cards?

November 30th, 2023