asked
How should I fill out the IT-2663 form for the sale of a house owned by four brothers, where one is a NY resident and three are non-residents, given that the sale price is $82,000 and the FMV is $105,000? Specifically, what should be entered on Part 2, Line 1, and do I need to provide a list of brothers' details on the form?
March 2nd, 2023
I need to submit a revised form 8606 because I rolled a 401k over to a Roth IRA in 2010 and spread the tax impact over 2011 and 2012. I also incorrectly put a value greater than 0 on the basis line. When I make these revisions do I need to submit a form 1040x? My taxable income was not impacted by the error on the 8606.
April 3rd, 2024
How should the tax return be prepared for the sale of a house bought by two men, "A" and "B", as tenants in common, where "B" transferred his interest to his daughter due to illness, and both "A" and "B" continued to invest in the property? Specifically, how should the capital gains and expenses be reported, considering the daughter has no investment or expenses but will face capital gains tax?
May 15th, 2024
My divorce decree states that my ex-husband and I will file a joint tax return for 2018. He is refusing to share the business return, which reported all of our income, with my tax accountant. My tax expert suggests filing singly if the supporting documentation is not provided. My divorce attorney warns that I might be found in contempt if I refuse to sign the joint return. Should I sign the joint return without reviewing the business return, or is there a way to ensure the return's accuracy without violating the divorce decree?
January 7th, 2024
I'm trying to decide if I should create an LLC, Corporation, or nothing. I currently live in California and plan to create a business that will house other small ventures using DBAs, with a focus on an app for iOS and Android. I expect to generate $100-200K in revenue the first year, with about $50K in distributed income and $20K in other fees. I'm also considering creating a Corp in Delaware or Nevada. What business structure would optimize my taxes given my current situation and potential revenue growth?
November 3rd, 2023
I cashed an investment of $50,000 and gave each of my 4 children a cash gift of $12,500. I received a 1099-R for the investment to include on my 2011 taxes. Where do I deduct the 4 cash gifts of $12,500?
October 8th, 2023