My sister and I are joint tenants selling a house together. My sister's income is above $500K/yr, and my retirement income is about $60K/yr. I have been paying property taxes for the last 20 years, and the capital gain on the property is about $500K. Should each of us take 50/50 of the capital gain in paying taxes? Should my sister absorb all the 100% tax of the capital gain or me? Some people told me that if my sister pays the capital gain tax, that is a "Red Flag" for audit because my name has been on the house for 20 years, then her name suddenly appears out of nowhere. Is this true? Please help me understand the choices I should make to ensure a smooth selling process without audit.

July 21st, 2024

My husband, ***** *****, has no access to a computer and we have not received our Social Security tax forms for last year, which we need for filing with our CPAs. How can he get his forms?

December 5th, 2023

I recently sold my house and have lived in it for 3 years, owning it for the same period. I have not sold any houses in the past 2 years and am supposed to qualify for the capital gain exemption for my taxes. However, one of the qualifying questions was whether I have run any businesses in my home in the past 2 years. I have an LLC with a partner for yoga instruction and retreats, which was registered to my house but not used for any business activities or meetings. Do I still qualify for the exemption?

July 17th, 2023

If the estate sells the house, what is the cost basis in this case?

July 13th, 2023

I bought a copy of Deluxe tax software and am doing three tax returns using the same state. I completed one return and now it says I have to pay for state e-file. The first return required a printed copy to be turned in. I thought the product came with one state for free. Am I using only one state. Can you explain?

May 31st, 2024