If someone becomes mentally or physically incapable of self-care and moves to a facility, does converting their home to a rental property affect the 5-year residency period for gain exclusion from the sale of the residence?

June 18th, 2023

How should I handle a casualty loss from a natural disaster on Schedule A, considering the possibility of a Net Operating Loss (NOL) and the option to carry it back or forward?

August 21st, 2023

Can a guarantor deduct a settlement paid to a lawyer as a business expense on Schedule C if the guarantor was a partner in a real estate development partnership that previously declared a loss, and the guarantor never reported income from this partnership before?

December 12th, 2023

Can my NRA parents gift me cash from their account in a US bank or brokerage account? I am a US Citizen. Would the gift be tax-free?

May 7th, 2023

I want to understand the tax implications of renting a home as part of a sales contract. Specifically, do I have to claim the rental income, and how does this affect the expenses incurred for the property and the capital gains tax when the home is eventually sold?

October 28th, 2023