A grandmother on disability, who has temporary guardianship of her minor grandson and files as head of household with him as her dependent, wants to know how the grandson's Social Security benefits and a lump-sum payment received in 2014 should be reported for tax purposes, and if the total amount over $25,000 affects the taxability of these benefits.

April 17th, 2023

My husband's mother passed away in April and left investments to his brother and him. The amounts are 6,042.90 (no tax taken), 2,016.76 (no tax taken), 28,943.76 (4,341.65 tax taken), 2,578.17 (257.82 tax taken), and 17,168.81 (2,575.36 tax taken). These are from different investments, including a small life insurance policy. We live in Florida, and she lived in New York. We gave some of this to our sons to pay bills and kept the rest. We want to know how this affects our potential tax liability and what steps we should take before April.

December 11th, 2023

I have a rental property that I've owned since 2000. I refinanced it in 2002, increasing the loan from 84k to 130k, but didn't add the 46k difference to my tax return. Can I add this now? Additionally, I sold the property in 2014 for 128k, including all closing costs and net assets. Is there anything else I can deduct to lower my taxes?

October 19th, 2024

For an S corp involved in flipping houses and owning/renting houses, how do we determine when to report rental activity on Form 8825 versus page 1 of Form 1120S, and does reporting under trade or business (page 1) affect the ability to claim capital gains on the sale of rental properties?

March 7th, 2024

For a S corporation with a single shareholder, what are the pros and cons of the corporation purchasing an auto for the shareholder to drive versus the shareholder buying the auto and submitting auto expense worksheets to the corporation for reimbursement?

March 31st, 2024