asked
I had a rental property since 2008 which I sold in Dec 2020. The total passive loss (from previous years and the year of sale) is $15,000, and the capital gains after the sale are $50,000. Can I defer tax on all of the $50,000 gain by investing in a Qualified Opportunity Fund (QOF) and still claim the $15,000 passive loss when filing 2020 taxes? If not, what happens to the passive loss, and when can I claim it? Additionally, if only $35,000 of the capital gain is invested in a QOF, can I use the remaining $15,000 gain to offset the passive loss, given that tax on $35,000 of the gain has been deferred due to QOF investing?
September 30th, 2024
I want to take out a prescription coverage and they say I have to get Part D. I didn't know that there was such a thing. I am now 72 years old (DOB 10/12/1948) and I don't have Part D. There is a penalty. What is my penalty in dollars and cents?
March 15th, 2024
I have investments in India (equity, bonds, mutual funds, etc.). Upon maturity, I'd like to repatriate the money to my US bank. What would be the tax repercussions and any special things to take care of?
November 5th, 2024
What is the answer to Q4?
May 28th, 2024
I have two businesses, Business A (a professional S Corp) and Business B (an LLC with a commercial real estate property). Business B has a mortgage loan with Apple Bank. Can Business A pay $100k toward the principal of Business B's loan directly to Apple Bank to avoid personal income tax on this amount?
October 24th, 2023
I am a 33% shareholder in a C Corp. established in Irving, Texas. The shares were issued to me in 1994 at $1 per share. The company is going to buy my outstanding shares, and I would like these payments to occur over multiple years. Can the agreement be structured such that all earnings to me are considered to be 'long-term' capital gains?
October 7th, 2023