asked
I have a client who owns a corporation that holds 4 apartments in Florida, with the owner being offshore. He decided to open 4 Delaware LLCs and transfer each property to these LLCs. I need to file taxes for 2012 and 2013 under the corporation but also file a final return for 2013. The properties were quitclaimed to the new DE LLCs on 01/01/14. How do we finalize 2013 taxes to remove the properties, so the new companies declare them in 2014?
July 27th, 2024
A taxpayer used to have a Schedule C musician trade/business, during which musical instruments were purchased and depreciated. The trade ceased and was inactive for a couple of years. The taxpayer took the fully depreciated asset as a personal asset (basis zero). When they sell that asset, is there any depreciation recapture? Assume original cost of $20,000 and full depreciation. Assume the instrument appreciated to $50,000, is sold, and total income is in the net investment tax range. I'm struggling with treating this as a personal asset sale, subject to NIIT, or as a sale of a business asset. Thanks in advance.
April 1st, 2024
Where do I add the W-2G gambling forms when filing a return, specifically a short form senior form, and how should I report gambling winnings and losses?
February 1st, 2023
My niece is disabled and receives SSI. She recently received a $190,000 IRA distribution from her father's account and needs to choose an option for federal withholding. What is the best option for her to choose to protect her disability status and avoid potential inheritance tax issues?
July 16th, 2023
Is it correct to fill up form W8BEN-E if your company address is in the Philippines and the beneficial owner is a US citizen?
July 20th, 2024
How can I find out if someone claimed me as a dependent without my knowledge, especially if I am on disability and don't typically file taxes?
October 23rd, 2023