I received a rental property as a gift from my father in 2016 and am now selling it for $190,000. How is the capital gain calculated, and how much could it be? I am filing married jointly.

September 18th, 2023

I am a college student with an LLC that grossed $21K in 2022, starting in July, with a net profit of around $16,000 after basic expenses. My parents claim me as a dependent, but I pay for my own rent and living expenses with money from my LLC and a college loan co-signed by my father. I want to know the potential benefits of claiming myself as a dependent and the impact of claiming education credits on my income tax for 2022. Additionally, I need to understand the sales tax implications for digital products and the total income tax I would owe for 2022.

February 29th, 2024

What are the tax implications of selling a house and using the proceeds to build an addition on my son's house?

October 15th, 2023

I'm preparing an 1120S for my S-corporation. Where do I enter workers comp insurance expense and 401K Match (employer's contribution) amount under deductions? What is the expense category for them on the return?

November 28th, 2024

I typed an incorrect number on my 1040-SR line 35d and submitted it electronically. How can I fix this?

February 24th, 2023