How much of a bathroom remodel costing $20,000 to provide access for a permanently disabled family member can be deducted? The bathroom includes a roll-in shower, an elevated walk-in bathtub, a raised toilet with safety bars, and possibly other non-medical related improvements like new tile or paint.
June 5th, 2024
How should the value of a life estate in two properties valued at $2,000,000, received by a wife in January 2011 when she was 64 years old, be calculated using IRC section 7520?
July 24th, 2023
I own a house in Cupertino, CA 94015 and have lived in it with my kids since 1997. Last month, I added my 21-year-old daughter's name to the title. I have $600,000 in equity in the property. When I sell the property, what are my tax obligations?
September 19th, 2024
I am filling out my first TPT-1 form and am not sure what (A) business description is, (B) Region Code, and (C) Business Class is. I don't see any charts which give possible categories for these items. I am a newly formed interior design firm which possibly resales furniture, and I do business in Phoenix - company is an LLC.
July 16th, 2024
I am the executor and sole survivor of my mother's house. My mother and I are both on the deed, and I am the only child, thus the executor and sole beneficiary of all her assets. I am in Ontario, Canada. Can I sell the house for a value under market value to a relative, have the relative live there for a year, and then that person sell it as their primary residence to avoid capital gain taxes?
October 26th, 2023
If I'm 80 years old and sell my stock in 2012 with a capital gain of around $175,000, can you give me some idea of the tax liability? My net income is $17,000 yearly.
November 7th, 2024