asked
I am completing a 1031 exchange with two replacement properties, each purchased under a new LLC name. The 1031 exchange professionals warn that I may need to use the company name of the relinquished property. I consulted an attorney who said it doesn't matter, but I want to confirm for tax purposes if it's okay to use different LLC names as the purchaser, given that I am the sole owner of all LLCs and they are disregarded entities. Additionally, one of the LLCs is an S-corp. How does this affect the process, and what steps should I take to ensure compliance and avoid tax consequences?
May 29th, 2023
Duplicate payments have been taken out of my bank account. Can you tell me more about what's going on?
August 27th, 2023
An employee's 2019 paycheck stub includes the following line items: Under Earnings: RSU = 64K; Under Deductions: RSU Offset = 39k. Please confirm this is not an offset to income.
March 2nd, 2023
I have an elderly relative (88 years old) whose taxes for 2018 have not been filed despite an extension that expired on October 15th of last year. She has a bunch of rental properties and has paid the taxes on those quarterly. The accountant she hired is not communicating and she has all the necessary documents. She also has early-stage dementia and is very wealthy, leading us to fear she is being taken advantage of. What should we do?
October 19th, 2024
Regarding the sale of a property held in joint tenancy by unmarried partners who are single filers, one of whom paid all the purchase costs including the mortgage and down payment, is it more tax advantageous to repay the principal and down payment from the sale proceeds before calculating capital gains, or to split the sales proceeds and taxable gain 50/50? Additionally, how should legal bills and court fees be handled in this scenario?
September 29th, 2023
I established a business partnership in exchange for a monthly share of the business profit. I funded this partnership through a loan. I plan on filing taxes under my LLC. Will the loan be treated as a business debt that I can write off?
March 12th, 2023