asked
I am planning to sell my house, which I have rented out since I bought it in 2007. How many years do I need to live in the house as my primary residence to qualify for a $500,000 capital gains tax exclusion, and how does the exclusion amount vary based on the number of years I live there?
August 3rd, 2024
As a sole proprietor (lawyer) who pays myself partly as a W-2 employee and partly through a draw, can I deduct the W-2 wages I pay myself as 'wages' on my Schedule C? If not, am I being double taxed?
October 4th, 2024
I have income from my deceased husband's business received after his death. Do I file a Form 1041 for the estate? He had $1 million in real estate, and I am the only beneficiary. I filed a joint return with him until the time of his death. Then income after his death was $84,000 with expenses of $30,000. What about the business income?
January 23rd, 2024
A client of mine owns rental property that was moved under an LLC after we claimed depreciation for two years. When I moved the property, I took the net value after depreciation as the new basis and depreciated it over 25.5 years. Am I doing that right? Also, what do I need to do to make it a joint venture, and if I do the depreciation on the LLC as Original Basis - Accum Depr = New Basis over 27.5 years, would that be correct?
July 30th, 2023
What is considered a Fictitious Business Name?
October 16th, 2024
I sold my LLC (Subchapter S corporation) and am filing my 1120 return now. Do I indicate it as a final return since the company was purchased, or is it my last return?
March 21st, 2023