asked
I am exploring converting my residential rental property to an LLC. The property is a 3-unit building in Los Angeles County, California, where I live in one unit and share ownership with my brother. We have a mortgage with Chase bank and there is equity in the property. I have been advised that moving the property to an LLC could help with liability and earthquake insurance. My questions are: 1) Is there a tax cost to moving the property to an LLC, and would it differ if the LLC is in my name alone versus both my brother's and mine? 2) What happens to the existing mortgage if we move the property to an LLC, and would we need to get a new mortgage? 3) What are the key advantages of moving the property to an LLC, and is it worth the effort considering the changes in California's earthquake insurance coverage? 4) If we move the property to an LLC, would we be able to refinance and get a new mortgage interest rate as an LLC?
May 19th, 2024
I was enrolled in graduate school for fall 2011 and spring 2012 semesters. My school charged me the tuition fee for spring 2012 in December 2011 and reported it on my 2011 1098-T form. However, the loans I took out to pay for the tuition were in January 2012. Can I claim those loans taken out in 2012 for my spring 2012 semester towards 'tuition & fees deduction' on my 2012 taxes, even though the tuition amount was reported on my 2011 1098-T form?
June 3rd, 2024
I paid $85 online for an ITIN, but I need an ITIN letter from the IRS to prove my residency in Washington state for driving lessons. What should I do?
May 27th, 2024
Need help filing taxes for self-employment. My wife started a senior citizen babysitting job earning $192 a week and also works as a cashier with taxes taken out. She filled out a W-9 and will claim one child while we file separately. What forms should she fill out, and how should we estimate and pay her self-employment taxes?
March 5th, 2024
I filed my 2018 federal tax extension electronically for free on TurboTax online. I entered $0 as my tax liability by mistake instead of my estimated liability of $3700. I paid $4300 in taxes in 2018 and do not owe any taxes. Will entering $0 as my liability instead of $3700 result in my extension being rejected, and is it okay if I submitted a 2018 federal extension twice with two different websites?
January 3rd, 2023
Can I still claim my student son as a dependent for tax year 2018 if he has earned income and files his own taxes?
August 19th, 2023