My wife's father passed away last year, and she inherited shares in his S-corp equally with her brother. She sold her shares to her brother for less than their valuation. We were recently informed that she would receive a 1099 and K-1 for the period the company was in trust, and she would have to pay taxes on the income generated during that time, even though she never received any cash. Am I right that my wife should not have to pay taxes on money she never received, and if so, what statutes apply?

October 25th, 2024

What is the 2015 D.O.T. per diem rate for meals for truck drivers, and how much can be deducted on Form 2106 if the driver is subject to D.O.T. regulations?

September 16th, 2023

We sold a rental house for $48,000, but we owed $60,000 on it. We were told we have to claim the $48,000 as income. Is the loss taken into consideration?

June 21st, 2024

We gave our son $19K toward the downpayment of a house in 2015. The house is in his and his wife's name. I know we are exempt from the $14K annual gift tax exclusion, but how much do we owe on the other $5K? We are married, but only my husband signed the gift letter.

April 3rd, 2024

My son, a resident of Iowa attending the University of Iowa part-time, had a job in Iowa but the employer paid taxes to Illinois. We want to establish residency in Iowa for my son and pay the appropriate taxes in Iowa. Do I need to report to both Illinois and Iowa state taxes? Should I show $0 paid in Iowa and pay the appropriate amount in Illinois, and get a refund there? Are there other forms we need to file to complete the transaction?

February 28th, 2023