asked
I am the executor of my partner's will. He was retired and his only income was social security. We jointly owned a boat and had joint savings and checking accounts. I sold the boat after his death. Do I need to file a return for him and are there any tax obligations for me since I am now the sole owner? Additionally, I gave his son two gifts totaling $28,000 in 2017 and 2018. Do these gifts have any tax implications?
October 4th, 2024
What are the pros and cons of forming an S-Corp versus an LLC taxed as an S-Corp for a business that sells computer parts and mines cryptocurrencies?
January 5th, 2024
I am a 42-year-old single individual with no income and no dependents. I need to withdraw $35,000 from my IRA to pay off debt and bills. How will I be taxed on this withdrawal, and what are the potential penalties or alternatives to consider?
February 9th, 2024
I prepare income tax returns for friends. A friend recently passed away owning tillable farmland with underground tile drainage, which is depreciable. The farmland was appraised without allocating value to the tile drainage. I have a 1995 tax seminar booklet stating that, in the absence of hard facts, the depreciable cost of underground tile drainage should be approximately 5% of the fair market value. My question is, has this 5% value allocation been increased since 1995? Is there a more recent training manual allowing a higher percentage of allocated value?
December 21st, 2024
My wife is a green card holder working at the Mexican Consulate. She earned income, but the consulate didn't provide a W-2, only proof of income. How do we report this income on our taxes, and does she owe taxes on it?
March 24th, 2024
I have a couple who are not legally married but have been living together for years and have one child together. He is the only one with income, and she does not work. How should they file their taxes?
July 20th, 2023