I am 67 years old and my only income is Social Security of approximately $12,000 per year. I have Iraqi notes that are expected to revalue, potentially worth $2,000,000. What is the capital gains rate for someone like me in the lowest tax bracket, and how would my taxes be calculated if I have a capital gain of $2,000,000 plus my Social Security income?

March 31st, 2024

I got married in July this year but forgot to update my marital status with my employer. My paychecks are still showing single status. Does this mean I have to file the 2013 tax return as single? I would like to file 2013 tax return as married status so I can get the tax benefits for a married status. How would I go about filing 2013 tax return as married status at this point?

October 3rd, 2024

I owned a house for 25 years and lived in it for many years. My son then lived in it, followed by my niece and ailing sister. A flood occurred due to a broken plumbing supply line, and I had to pay contractors to fix the damage. Before the flood, I paid yearly taxes of $78,000 on the property. I sold the house for $55,000 two months ago. Since it was never a rental and was a personal-owned property, do I have to pay taxes on the $55,000 capital gain?

July 1st, 2024

I would like to buy a liquor store. Do I incorporate for that purpose, and what kind of entity would be better for liability protection and tax purposes?

January 7th, 2024

I have an SMLLC in Florida that owns a boat and another SMLLC in Delaware that owns a boat. I am transferring both boats to an SMLLC in Connecticut. Upon transfer, is there any sales tax due?

October 6th, 2023