Can a taxpayer who sold their main residence exclude up to $500,000 for married filing jointly from the gain on the sale, and if so, how should the exclusion be identified and reported when the sale is paid in installments over multiple years?

April 13th, 2024

I received a CP60 notice regarding additional tax owed for Tax Year 2018 dated November 28, 2022. I have an existing installment agreement and would like to add this additional amount to my current balance. What steps should I take to do this, and how can I avoid making the same mistake in the future?

September 5th, 2024

I have two children in college who live primarily at school and a 16-year-old who lives with my mom against my will. My mom pays for much of their support, including college expenses. Can I claim them as dependents and the American opportunity credit for tuition paid as a gift from my mother?

April 26th, 2024

Can a Delaware LLC issue stocks to investors, and what are the legal implications of an LLC electing to be taxed as a REIT or C Corp?

October 29th, 2023

My mother passed away last year, and per her will, I distributed her checking account funds of $145,000 to my siblings. I was also on the checking account as an executor and power of attorney. Am I in jeopardy of tax problems for these distributions, especially since I live in Illinois and each distribution was $15,000?

March 20th, 2024