I am selling my home in Arizona for $312,000, and I owe $104,000 on the mortgage. After real estate fees, I expect to make $160,000-$180,000. I am unsure if the $250,000 limit for home sales to not be taxed applies to the full sale price or the amount I make after costs. Additionally, I want to know how to reduce capital gains tax and how to document my basis for tax purposes without receipts.

July 22nd, 2024

What is the statute of limitations for 941 taxes from 1996 and prior, and can the IRS still seize property or send bills after this period?

September 2nd, 2024

If my husband and I form an LLC and that LLC purchases a rental property, can we elect to be a disregarded entity and file it on our personal taxes? We just want it for the liability protection, but don't want to have to file a separate return.

November 10th, 2023

What would be the average management fees expected to be paid for a Trust Fund with an asset value in excess of $300 million?

June 15th, 2024

I received an email claiming I won $2,500,000 in a sweepstakes and was asked to pay 0.5% in taxes before collecting my winnings. Do I have to pay this tax before receiving the money?

February 8th, 2023