A taxpayer received a Form 1099-LTC for roughly $24k. How is this offset by medical costs, and should it be considered a wash? The taxpayer has an AGI of about $136k and has paid LTC premiums of $6k, Medicare premiums of $3k, and copays that exceed the 7.5% threshold.

September 25th, 2024

I sold a condo in Florida for a capital gain of $200,000. I have $20,000 in income from half Social Security and half dividends and stock gains. I am a Maine resident. Do I owe taxes in the US and Maine for that gain, and when do I get US tax forms?

July 11th, 2024

I am getting a divorce and want to know if gifting half the equity in the home to my husband, who is not on the title, will incur tax repercussions. I am located in Phoenix, Arizona, 61 years old, and do not have any dependents. I usually file jointly with my soon-to-be ex-husband, and I do not work. Is there any tax implication if I gift half the equity in the home due to the divorce?

April 20th, 2023

I and my family members formed a 4-member LLC partnership in Florida last year. Our first year's total income is about $880, and we have spent (invested) $3500. Must we file Form 1065 this year, and do we need to file any other forms? Additionally, where should we note expenses such as LLC filing fees, advertising, payments to gig workers, monthly bank account fees, domain costs, and advertising?

December 14th, 2024

We bought our current house in August 2019 and are moving to another state for job reasons. To avoid paying capital gain taxes, should we wait 2 years before selling our current house? If not, what are the implications of a partial exclusion, and how much could the capital gain taxes be?

April 18th, 2024