asked
I built a 26-house subdivision in 2004 and 2005, and then sold the remaining 62 lots to one builder with a note for $1,200,000, receiving payments as each house sells. I made minimal improvements to the subdivisions, holding them for 1.5 and 2 years respectively. A CPA told me that under IRC 453L2, I can get an exemption from dealer status and do an installment sale, deferring tax until I get paid by the buyer. Can you confirm this?
June 17th, 2023
If I won a $20,000 car, how much would I have to pay to receive that car?
October 29th, 2024
I have an insurance policy for Prescriptions RX that I pay premiums on. Are these premiums tax deductible?
March 10th, 2024
Can I claim 9 deductions for six months and then change back to one deduction for the other six months of the year?
September 22nd, 2024
My mother quit claimed her home to her and myself in 2002, and she passed away in October 2005. I would like to sell the house but am concerned about the capital gains tax. Can you tell me how much gains I'll have to pay? I was told it would be the difference between what she paid for it ($30,000) and what it could be sold for ($300,000).
August 8th, 2023
I live in Oklahoma. My grandmother died in California, leaving me a quarter of her estate. Will I have to pay California and Oklahoma taxes? If my share is $80,000, how much will I owe?
December 1st, 2023