I sold a property on a 1031 exchange that I owned for 13 years and bought another property for my business. I've owned it for 2 years in April, but we quick claimed it into my wife's name, which may trigger a Capital gains tax immediately. We want to sell it now and close the business. I'm going to quick claim deed it back now that my wife and I are going to separate. The first property was bought for $139,000 and sold for $1.2 million on a 1031 exchange. The second property is up for sale with two offers, and I'm going to carry the loan. How do I pay the capital gains tax if I finance it?

February 7th, 2024

I forgot to pay the second half of my 2023 property taxes and now face penalties totaling $409.34. I usually pay in full and this is the first time this has happened. Can I request to have the penalties waived?

January 11th, 2024

I forgot to add a 1099-R when I did my taxes with TurboTax on my Android phone. I added it later and now they are saying instead of getting a refund, I now owe money. How is that possible, and what should I do?

November 14th, 2024

Does the pass-through income from an S Corp K-1, in which an 18-year-old taxpayer who is claimed as a dependent materially participates, increase the amount of the Standard Deduction he can claim for the 2023 tax year?

December 1st, 2024

What are the self-employment tax rates in Florida, and how is the tax calculated?

May 30th, 2023