I am a military member who owned a condo used as a primary residence for 20 months and rented it for approximately 4 years due to military orders. Does the 250,000 capital gains exclusion apply pro-rated to (20/24) x 250,000, or do I not qualify for the exclusion?

September 16th, 2023

I am 49 years old and have been unemployed in 2015 with zero income. I am considering withdrawing $10,000 from my 401k to pay for elective medical issues not covered by insurance. I believe this amount is below the income threshold for filing a tax return and that penalties for early withdrawal from a 401k are waived for medical reasons when no other funds are available. Can you confirm if this is correct and explain the tax implications of this withdrawal?

February 8th, 2024

When a family member gives a gift check, is the max 12k or 14k annually? Is that taxable to the recipient? Is this considered income? Also, are small personal injury settlements taxable?

December 27th, 2023

What is the simplest way to evaluate a truck (tractor/18 wheeler) parts and equipment business?

July 26th, 2024

My client and his wife live in Texas. He owns an S-Corp with substantial income. His wife wants to move to California to work on a movie while he stays in Texas. Would her residency require them to file a joint tax return in California and subject half of his W-2 wages to California tax? Additionally, his company does $2.1 million in gross revenue in California, which has not been taxed because he has no nexus and provides an intangible service. Would he need to file a California K-1 and apportion income into the state?

November 13th, 2023