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I bought a house and added my daughter's name to the deed. The mortgage is in my name, and she is not contributing financially as originally agreed. I need to sell the house due to financial constraints. I purchased the house in May 2023 and it has been my primary residence since then. I am concerned about capital gains tax and the possibility of a partition sale without the consent of the other owner. How does this work, and what are the steps to get two separate deeds?
December 29th, 2024
From an inheritance I received from my father's estate, I gifted my son $126,000. What is my responsibility with Form 709?
January 24th, 2024
I’m buying a business and planning on mezzanine fundraising. If I raise 5.6 million for the 3.1 million acquisition, can I put the extra funds raised into my holding company and use it for other ventures?
January 7th, 2024
I am a self-publisher on Amazon KDP and my account was banned due to a mistake. I am considering opening an LLC and creating a KDP account for the LLC, which is a separate entity. However, Amazon's Tax Interview form treats a single-member LLC as an individual, requiring personal tax information. This could lead to my new LLC account being banned as well due to the connection with my previous banned account. Can I fill the tax information with my single-member LLC's legal name, address, and EIN?
May 7th, 2024
I sold a single-owner LLC last year, and I'm unsure whether the sale of self-created intangibles like a client list, digital assets, and the business name should be reported on Form 4797 or Schedule C. Additionally, I need to know how to report the sale of Class V physical assets like equipment used in the business, which were depreciated under Section 179 or acquired the same year as the sale.
March 16th, 2023
What is the tax impact of selling my home and moving to a rental apartment, given that I sold the house for $275,000 after purchasing it for $285,000, and made several expenditures to improve the property?
January 9th, 2024