I leased equipment for my automotive shop with a one-dollar buyout and they are charging me tax. Is that correct?

April 13th, 2023

Can I sell a piece of property and buy land and build a house to avoid paying capital gains tax? Also, would it have to be completed within 180 days?

June 17th, 2024

How does one use code 754 to adjust the cost base to compute capital gain in an LP's 1065 return, in order to protect the tax cost for a partner who joins the partnership after the property has appreciated? Please outline the steps to do the computation.

August 19th, 2024

Is there an inheritance tax on property sold in another country? Once the check is issued to the US recipient of the inheritance, does US inheritance tax apply? Does gift tax apply? Additionally, there will be future inheritances from US properties owned by the same deceased individual. An estate attorney is handling the distribution checks. Once the check is issued (after the estate tax is taken out), are there any other taxes to be levied against the amount (gift or added income)?

May 26th, 2023

I collected unemployment from Alabama but had to move to Connecticut due to financial reasons. Alabama withheld federal taxes from my unemployment benefits, and I received a 1099-G. Do I owe any tax to the state of Connecticut?

August 31st, 2024