I owned a house for 25 years and lived in it for many years. My son then lived in it, followed by my niece and ailing sister. A flood occurred due to a broken plumbing supply line, and I had to pay contractors to fix the damage. Before the flood, I paid yearly taxes of $78,000 on the property. I sold the house for $55,000 two months ago. Since it was never a rental and was a personal-owned property, do I have to pay taxes on the $55,000 capital gain?

July 1st, 2024

I would like to buy a liquor store. Do I incorporate for that purpose, and what kind of entity would be better for liability protection and tax purposes?

January 7th, 2024

I have an SMLLC in Florida that owns a boat and another SMLLC in Delaware that owns a boat. I am transferring both boats to an SMLLC in Connecticut. Upon transfer, is there any sales tax due?

October 6th, 2023

My father receives a Commonwealth Superannuation Corporation pension paid fortnightly. He is paid $3174.03 gross per fortnight and pays $443.00 per fortnight in tax. Is this correct? Should he be paying tax on this money?

May 10th, 2024

I have an oil well production question: Do you think there's any magic limit or number that would raise a red flag as a loss on a small producer's Schedule C? I have a client who had revenue around $250k, expenses (mostly Intangible Drilling Costs) around $750k. The numbers are completely legitimate, but to show a half million dollar loss makes me a little nervous. Additionally, he sold approximately $680k of leases (to cover the costs of the improvements to the remaining wells), and there is very little basis in those wells. So I'd be showing a Schedule C loss of around $500k against a Capital Gain of around $500k. Thoughts?

June 24th, 2024